government its triple A credit rating could be at risk as it prepares to hand down its final budget before the state election next year.
With an election looming, the government is embarking on a big-spending budget with little emphasis so far on budget repair. “The AAA rating is an important long-term objective for the government and the budget will have fiscal improvement measures to improve its long-term financial sustainability,” the spokesperson said.
With the 2023 election set to be fought on the rising cost of living, the government is in the final stages of preparing a budget aimed squarely at voter’s hip pockets. It has already announced $500m in funds for rebates on road tolls and last week said it would spend another $128m on energy rebates for low-income households.by more than 10,000 over four years. The state will also lift its public sector wage cap by 0.5% and offer health workers a one-off payment of $3,000.
“Markets were already worried about NSW’s staggering $117bn debt portfolio … the government is running the risk that NSW will pay more in annual interest than we [pay] to fund the Police Force. Especially as interest rates are skyrocketing.”
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