‘Debt, debt, debt’: Labor slams $182bn budget

According to the Opposition Leader the Treasurer of NSW spent one billion dollars per minute when he announced his state budget.

NSW Labor has slammed the 2022-23 NSW budget as a record-spending “cash splash” for votes that will need to be paid for with “debt, debt, debt”.

Chris Minns, Opposition Leader said that the Treasurer of NSW spent a billion dollars per minute he spoke Tuesday when he presented the budget to parliament.

Mr Minns spoke to the media an hour after receiving the NSW budget and emphasised the total debt for the state was estimated to hit an “unsustainable” record-breaking high of $182bn.

“This is the largest debt figure NSW has ever had, both in absolute terms or as a percentage of gross state product, in our history,” he said.

The Labor leader said the budget was motivated by the upcoming state election and accused NSW Treasurer Matt Kean of “spraying money in every direction at a rate of knots months before the general election”.

He said the enormous spending announced by the government was an expensive Band-Aid to fix the government’s continued lack of investment in frontline services, particularly the overstretched healthcare system.

Minns also described the economic projections overly optimistic.

“There are heroic assumptions in relation to growth that underpin so much of the huge spending that Mr Kean announced moments ago,” he said.

“They expect the NSW economy to grow at unprecedented rates.”

Shadow treasurer Daniel Mookhey said the “ridiculous” budget revealed $42n of new spending that would be paid for with “debt, debt, debt”.

He said the government had overpromised with the budget, which he declared was “grim news for households and horrible news for state finances”.

“Mr Perrottet’s budget plan is buy now, pay later. NSW deserve better than this,” he said.

“His plan to pay for it is debt, debt, debt.”

Both Mr Mookhey, and Mr Minns stated that the proposed property tax on first-home buyers would set dangerous precedents for the state.

Mr Mookhey labelled it a “very complicated system” and said some homeowners would be paying those debts off for the rest of their lives.

On Thursday, NSW Labor will issue its budget reply. This will include a detailed response to Friday’s state budget.


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