Minns Government bets on housing boost in NSW Budget

·

The New South Wales government has unveiled its 2025–26 budget, placing a strong focus on addressing the state’s housing shortage by supporting developers and investing in trades training, while projecting a $3.43 billion deficit for the coming financial year.

The centrepiece of Treasurer Daniel Mookhey’s budget is a developer guarantee scheme, aimed at boosting construction by helping mid-sized developers secure finance for up to 15,000 homes. Describing it as a “canny use” of the state’s balance sheet, Mookhey acknowledged: “A housing crisis that was decades in the making will not end overnight. So let us resolve to keep building.”

The housing plan also includes additional funding for TAFE and fee-free apprenticeships in high-demand trades, as well as tax concessions for build-to-rent projects and fast-tracked planning approvals. However, critics may argue the measures fall short of a more ambitious state-led investment strategy.

The government is forecasting a return to surplus by 2027–28, citing the need for “fiscal repair” after years of pandemic-era deficits. High property transfer duties, buoyed by strong house prices, are expected to generate $13.4 billion next year—$1.5 billion more than predicted after Labor’s 2023 election win.

Other major investments include $1.2 billion for child protection, with a 20% increase in allowances for foster carers, and a shift away from expensive temporary housing like motels.

Nonetheless, rising costs from natural disasters and a worsening workers’ compensation scheme are weighing heavily on the state’s finances. Insurance expenses are expected to climb by $3.4 billion over five years. Labor is proposing reforms to limit claims for stress-related psychological injuries and tighten rules around harassment-related claims.

Gross state debt is expected to keep rising, with no projected peak, reaching $200 billion by 2029. The government appears cautious about further direct investment in housing, wary of risking its AAA credit rating, which it holds with two out of three major agencies.

Source: The Guardian

Cretan Convention - Web Banner

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

St Benedict School in Mt Torrens rejects screens, embraces ancient Greek philosophy

Established in early 2024 by members of the Catholic Church of the Holy Name, St Benedict has grown to around 50 students.

Greece’s stolen treasures find a digital voice in UNESCO’s Vanishing Museum

UNESCO’s Virtual Museum of Stolen Cultural Objects, launched at MONDIACULT 2025 in Barcelona, offers a new way to confront cultural loss.

Michael Tassis included among SEQ’s leading hospitality bosses

With 11 venues already thriving and a twelfth on the way, Tassis has cemented his place as one of Queensland’s most dynamic restaurateurs.

EU to replace passport stamps with biometric border system

The E.U. is preparing to phase out traditional passport stamps for non-EU travelers, introducing a new digital border control program.

Parthenon free of scaffolding for the first time in 15 years

For the first time in over 15 years, Athenians and visitors can enjoy an unobstructed view of the Parthenon.

You May Also Like

Greece launches nationwide smart traffic camera system

Greece has unveiled a comprehensive smart traffic camera initiative aimed at improving road safety and reducing traffic violations.

Mitsotakis signals nuclear energy future and rules out Greek military role in Middle East conflict

Greek Prime Minister Kyriakos Mitsotakis said that Greece should consider joining the European "nuclear alliance" in the future.

Melbourne’s Greek community leaders urge people to get vaccinated

In the wake of the latest lockdown due to the COVID-19 pandemic, leaders of Melbourne’s Greek community have come together to encourage people to get vaccinated.