The threat of further privatisation under the NSW Liberals has reached a new flashpoint with the release of the party’s costings revealing more debt and uncosted projects. 

Debt to rise under the Liberals

The NSW Budget will be $4.9 billion better off with a NSW Labor Government, according to an independent comparison of both parties’ costings released today.

The Budget Impact Statements issued by the independent Parliamentary Budget Office shows Labor will improve the state’s debt position by $2.1 billion over the next four years compared to the pre-election budget update. 

Meanwhile, the Liberals will increase debt by $2.8 billion over the forward estimates. 

Over the same period, Labor’s surpluses are $1.3 billion above the Liberals’.

Unfunded projects under the Liberals 

Extraordinarily, there is no new money in the Liberals’ costings for the construction of the two metro projects it promised. 

Nor is there money for Warragamba Dam wall raising. 

And the Northern Beaches Link also remains unfunded. 

Today’s Budget Impact Statements gives overwhelming proof that the Perrottet-Kean government is not interested in budget discipline, won’t be able to deliver their unfunded promises or find any way other than privatisation to fill their $50 billion budget black hole.

Every household and small business in our state knows that there are tougher economic conditions ahead: interest rates keep jumping higher, cost of living essentials are more expensive, frontline services are not keeping up.

NSW Labor has made the tough decisions necessary to begin fixing the last decade and more of Liberal-National economic failures. 

That means paying off the highest debt ever racked up by Dominic Perrottet; no more bailouts for Mr Perrottet’s foreign-made transport projects running overtime; and ending the economic vandalism of privatisation in NSW once and for all.

It means we can invest in essential workers, frontline services and schools and hospitals without selling off essential assets like Sydney Water.

Quotes attributable to Chris Minns, NSW Labor Leader:

“NSW Labor has a positive plan to restore essential services, cap the cost of living, and protect assets that belong to everyone like Sydney Water.

“Under Labor, debt will be down, deficits will be down, interest payments will be down and budget surpluses will be up.”

“Our economic plan treats taxpayers’ money with respect, which is why Labor has shown how we will pay for our spending pledges and where we have made tough decisions.

“The Premier likes to excuse his love of privatisation by saying ‘plans change’ because there is no excuse for his budget’s black hole.

“In five days’ time, NSW can make a change, and choose a unified NSW Labor that represents a fresh start.”

Quotes attributable to Daniel Mookhey, NSW Shadow Treasurer: 

“Dominic Perrottet’s favourite line is “past performance is an indicator of future performance.” So let’s look at his past economic performance and what this Budget Impact Statement shows.

“He and Matt Kean have run the budget with the highest government debt in our state’s history. They want to leave us facing billions in interest payments with no possibility of changing direction.

“They don’t have plans to pay for their $50 billion in promises, they won’t commit to protecting Sydney Water, and that means you, the taxpayer, will lose out.

“Can anyone really say that this Liberal National government’s best days are still ahead of them? NSW deserves a fresh start.”

CHRIS MINNS MP
NSW LABOR LEADER
 
DANIEL MOOKHEY MLC
NSW SHADOW TREASURER