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

Border crossings drop as Greece further extends Evros fence

Greece will extend its border fence in Evros by a further five kilometres, Minister for Citizen Protection Michalis Chrysochoidis announced.

From Ballads to Bridges: How Jim Tsolakis preserves culture in song

As a man shaped by two worlds, Jim Tsolakis has never shied away from the complexity of his dual identity. Read his story here.

ATO and bankruptcy regulator reject Jon Adgemis’ $1.5 billion debt deal over lavish lifestyle

The ATO and the Australian Financial Security Authority have rejected embattled Sydney publican Jon Adgemis’ proposal to settle $1.5 bn debts.

Neoléa, Adelaide High School and Pan-Laconian Society of SA unite for intergenerational project

The next generation of Greek Australians is capturing the voices of their elders in a collaboration between Neoléa and Adelaide High School.

Canberra’s Greek community gains new gathering space and aged care hub

The Greek Orthodox Community and Church of Canberra has officially opened a newly refurbished community hall behind St Nicholas Church.

You May Also Like

Ioannina lake cleanup unveils hidden treasures

A cleanup of Lake Pamvotida in Ioannina has brought to light an array of fascinating finds, including wartime relics such as bomb shells.

Mary Kostakidis defends free speech in racial discrimination case over Gaza posts

Mary Kostakidis has defended her political expression as the Court considers whether to strike out most of a racial discrimination case.

Marrickville’s Greek community comes out in full force to celebrate the Greek Revolution bicentennial

Marrickville’s Greek community amazed on May 30 with their celebrations to mark the 200th anniversary of the Greek Revolution this year.