NSW Premier Chris Minns reveals new cost of living budget

Unveiling its first budget, NSW Labor’s first in 13 years, the Minns government pledged to return the state’s bottom line to a modest surplus of $844 million by 2024-25.

It forecasts a reduction in the growth of gross debt to $173.4 billion by 2025, a drop of $14.8 billion compared with previous forecasts.

Following is the budget media release:

Responsible cost-of-living support
We know people are doing it tough and this Budget provides responsible support to help with cost-of- living pressures.
In New South Wales the cost-of-living crisis is worse because of a decade of privatisation.
In 2023-24, the Minns Labor Government will provide more than $8.2 billion in support through more than 130 different measures.
Affordability and availability are some of the biggest pressures facing the people of NSW.
More than 1,000 first home buyers have already saved thousands of dollars, paying no stamp duty under the new First Home Buyers Assistance Scheme. Hundreds more have received a concession.
The Government is providing private rental assistance through programs including Rent Choice, Advance Rent and Bond Loan to help eligible people get into or maintain a rental lease.
And the Pensioner Concession Rebate Scheme provides up to $250 on ordinary council rates and charges for domestic waste management services to eligible pensioners, jointly funded by councils.
Education / Early Childhood
A new program of $500 fee relief per child, will help with the costs of three-year-olds in long day care at eligible preschools.
The Minns Labor Government is continuing relief of $4,220 per child aged 3-5 attending community preschools. For kids aged 4-5 in long day care, that fee relief is $2,110.
Additionally, there is access to fee free formal training in apprenticeships and traineeships and travel and accommodation allowances for apprentices or new trainees who travel more than 120km a day to attend training.
NSW Budget 2023-24 budget.nsw.gov.au
Bill relief will be extended from 1 July 2024 for families, seniors and households struggling with rising costs.
The Family Energy Rebate and Seniors Energy Rebate will both increase to $250.
The Low-Income Household Rebate and Medical Energy Rebate will rise to $350. And we’ll cover rising costs of equipment under the Life Support Rebate.
This is on top of the National Energy Bill Relief payment introduced in July 2023, where in partnership with the Australian Government, the NSW Government is providing support to:
• 1.6 million eligible households with a $500 electricity rebate automatically applied to bills before 1 July 2024.
• 300,000 eligible businesses with a one-off $650 bill relief payment.

The 2023-24 Budget funds free ambulance services for certain concession holders, with other exemptions including for people who are victims of domestic violence, sexual assault or child abuse.
New parents will continue receiving a Baby Bundle of essential items, while children receive free dental care at schools with mobile dental clinics.
Additionally, there’s a $250 Pre-IVF Fertility Testing Rebate to help eligible people cover costs.
The Government is providing financial assistance towards travel and accommodation costs when a patient needs to travel long distances for treatment that is not available locally through the Isolated Patients Travel and Accommodation Assistance Scheme (IPTAAS).
Plus, accessing essential health care will be made easier with free parking at rural and regional hospitals for staff, patients and families.

There’s relief on our roads too.
We’re delivering on the promise of a $60 weekly toll cap to begin in January.
The cap will take cost-of-living pressure off more than 700,000 motorists. This is on top of the ongoing Toll Rebate Scheme and the M5 South-West Cashback Scheme.
There is also some relief for the freight industry that keep our State moving.
We’re reducing the truck multiplier by 33 per cent on the M5 East and the M8, providing relief and encouraging more trucks to use the motorway network.

Responsible cost-of-living decisions will see the Government roll out a new means-tested $50 Active
and Creative Kids voucher in February 2024.
While there’s a $50 voucher per child aged 3-6 not yet enrolled in school to start swimming lessons.
Eligible seniors, pensioners and veterans will receive discounted or concessional National Park passes.

A foundation for a better and more secure future for NSW
This Budget begins a new era of responsible long-term investment to support NSW families with cost-of-living pressures and to rebuild our essential services.
We are a government with a clear focus – managing our finances responsibly so we can provide support when you need it most and improve the essential services that we all rely on, now and into the future.