Date posted: 19/11/2020 2 min read

NSW State Budget 2020-21 unveiled

Focus is on infrastructure investment, job creation and on stimulating economic recovery from COVID-19

The 2020-21 New South Wales Budget delivered on 17 November focuses on infrastructure investment, job creation and targeted, temporary stimulus to kick start the state’s economic recovery.

This year’s budget will spend a record $107.1 billion on infrastructure over four years and cut $2.4 billion in payroll tax. 

The NSW Treasurer also announced that the government will consult on a proposal to transition from stamp duty to land tax, which is designed to lower barriers to home ownership and boost economic growth.

The impact of the pandemic has resulted in a budget deficit of $6.9 billion for 2019-20 and a projected deficit of $16 billion in 2020-21, with a forecast return to surplus by 2024-25.

A net debt of $53.2 billion is forecast for 2020-21, rising to $104.3 billion by 2023-24.

The economy is projected to contract by 0.75% in 2020-21 before growing to 2.5% in 2021-22.

CA ANZ's infographic highlights the key budget announcements, this is also available to download.

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Find out what this year’s budget means for you and your clients in the 2020-21 NSW Budget Papers.

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