NSW Budget 2011-12

06/09/2011 6:57 am

Mike Baird Treasurer for NSW handed down his maiden Budget today.

Summary

  • A key piece of the budget related to real estate investing, confining stamp duty concessions for first home buyers to make them available for the purchase of newly constructed homes and apartments only from Jan 1 next year. The decision is aimed at increasing the supply of new dwellings in Sydney by 25,000 whilst making housing more affordable. This change will provide incentives for increased supply of new homes and apartments and will result increased construction levels.
  • Significantly for planning, the Government has allocated $7.7 million in funding over the next 2 yrs to facilitate the review, re-write and implementation of a new Planning Act for the State. Discussed by Blockbrief here.
  • $12.9 million over three years has been allocated to fund the Independent Planning and Assessment Commission and $4.6 million over two years to continue the Joint Regional Planning Panels (JRPP). It is interesting to note that the funding for the JRPPs currently, will only last for two years. Perhaps an indicator to the death of JRPPs under a new planning system.
  • The budget also focused on much needed infrastructure delivery, over the 4 years to 2014-15. The total NSW infrastructure investment program will be $62.6 billion, with $2.2 billion in rail investments for 2011-12, including $314 million for the North West Rail Link and $292 for the South West Rail Link and $103 million for the Inner West Light Rail Extension and University feasibility studies.
  • The bottom line of budget, is an estimated deficit of $718 million for 2011-12. The budget is projected to return to surplus by 2012-13.
For more information see the NSW Government's 2011-12 Budget website here.