Improving women’s economic opportunities, providing affordable housing and seizing the investment opportunities of clean energy are key policy objectives being delivered by the NSW Liberal and Nationals Government.
Treasurer Matt Kean said the transformational 2022-23 NSW Budget is improving the lives of people and strengthening the NSW economy for the long term, with key reforms already becoming a reality.
“Since our June Budget, the Liberal and Nationals Government has created more opportunities for women to grow their own prosperity and power the economy, made it easier for people to get the keys to their first home, and we’ve accelerated our plan to reduce emissions and become a net zero superpower,” Mr Kean said.
Women’s Economic Opportunities – $16.5 billion over 10 years to level the playing field for women, with $4.9 billion committed over the four years to 2025-26.
- NSW Childcare and Economic Opportunity Fund Act 2022 – driving up to $5 billion of investment in high-quality childcare over 10 years and removing barriers for women to participate in the workforce.
- IVF assistance – women in NSW undergoing IVF and other assisted reproductive technologies can access a cash rebate of up to $2,000.
- Pre-school fee relief – up to $4,000 a year in fee relief for families with children attending preschool.
- Paid-parental leave – every mother and father in the NSW public sector is now entitled to 14 weeks of paid parental leave over two years.
Housing – $2.8 billion to improve housing affordability and help more people own their own home.
- First Home Buyer Choice – reduces the upfront cost of buying a first home by giving buyers the choice of an annual property fee instead of stamp duty for purchases up to $1.5 billion. In the fortnight since it began on 16 January 2023, first home buyers decided against paying $34.6 million in stamp duty, with 761 buyers indicating they will opt for an annual property fee instead.
- Shared Equity Home Buyer Helper – the NSW Government will contribute a proportion of the purchase price of a property for single parents and single people over 50 years of age on lower incomes, as well as eligible first home buyer key workers. Since commencing on 23 January 2023, 117 applications have been completed or are in progress and Bendigo Bank has received more than 5,600 enquiries.
The clean economy – NSW is on track to reduce its emissions by 70 per cent below 2005 levels by 2035.
- $1.2 billion Transmission Acceleration Facility will fast-track critical infrastructure that will secure cheaper, cleaner and more reliable electricity.
- Electric vehicle fast charger installation programs and fleet incentives have commenced under the $633 million Electric Vehicle Strategy.
- $360 million Net Zero Industry and Innovation Investment Plan announced to support and partner with manufacturing and industry sectors to reduce emissions and boost resilience.