NSW Treasurer Daniel Mookhey and the state government have delivered a budget strong on housing, energy and regional NSW.

Business NSW, the state’s peak business group representing almost 50,000 businesses, says this budget is fiscally responsible and predicts a much-needed surplus next year.

The budget also delivers big on housing across our state – a key issue for business.

“There have been large investments in housing, regional NSW and the energy transition, which will assist businesses in getting the workers they need, help regional communities thrive and keep energy costs lower,” Business NSW CEO Daniel Hunter said.

“We are encouraged by the proactive measures outlined by the government to begin the work of solving the state’s housing crisis.

“The government’s adoption of many of Business NSW’s housing policy suggestions – via the Housing Now! alliance – is proof of that.

“The NSW Government must be commended for following through on their promise of no new business taxes.

“It is crucial the government ensures businesses remain free to do what they do best – employ people, innovate, and grow the wealth of our great state.

“To keep our home-grown entrepreneurial talent in NSW - and to compete with both other states and globally - requires access to venture capital, a highly skilled workforce, productivity enhancing infrastructure, a pro-growth planning system and competitive business tax regime.

“Business – especially family-owned firms and SMEs – need support to keep delivering local jobs in the face of tough economic conditions.

“It is welcome news that the government expects to return to surplus next year (2024-25) with a $844 million surplus.

“It's important the public sector wage rises, both now and in the future, must be linked to productivity across the economy. 

“Looking to the next budget, we need to keep NSW the number one state to start, own and run a business.”  

Key business measures announced in the budget:

• An additional $800m injection of funds into the Transmission Acceleration Facility to speed up energy transition.
• Creating the $1billion Energy Security Corporation to deliver additional firming support to backup renewables.  
• $112m for a thorough VET review and additional funding to fund the TAFE funding shortfall.   
• $4.9b to build 43 schools and upgrading a further 86, which will be built by NSW businesses.
• $300m in re-invested dividends to enable Landcom to deliver an additional 1409 affordable homes and 3288 market homes to 2039-2040.
• Permanently expanding the number of social housing dwellings by around 1500 through the $610m Commonwealth Social Housing Accelerator. 
• $224m Essential Housing Package to accelerate delivery of social, affordable and private homes, continue to provide housing services for Aboriginal and Torres Strait Islander families, support critical social housing maintenance and provide homelessness support measures.
• $5.6m for a planning system artificial intelligence pilot to deliver efficiencies.   
• The expansion of the 24-Hour Commissioner's role to the Hunter, Central Coast and Illawarra will create a direct economic benefit. 
• $212m Wagga Wagga Hub to create sustainable high value agricultural and food manufacturing industry. 
• $350m in establishment of Regional Development Trust Fund to invest in critical projects to grow regions.
• $390m in regional emergency road repair fund.
• $334m in regional roads fund.
• $3.8b in regional health facilities.
• Incentive payments for healthcare workers moving to regional and remote areas increased from $10,000 to $20,000.
• A reprofile of the Future Economy Fund.

Read Business NSW’s full budget analysis