LABOR CALLS ON NSW TREASURER TO PROVIDE STATE ECONOMIC UPDATE AFTER FRYDENBERG
NSW Labor has called on NSW Treasurer Dominic Perrottet to follow the lead of Federal Treasurer Josh Frydenberg and deliver an update on the NSW economy and budget.
The Shadow Treasurer Walt Secord and Shadow Minister for Finance Daniel Mookhey issued the call after Mr Frydenberg and the Federal Finance Minister Mathias Cormann provided a comprehensive briefing to the nation.
Earlier today, Federal Treasurer Josh Frydenberg provided a special budget update where he detailed the Commonwealth Government’s state of the finances including projected unemployment rates and deficit.
NSW Treasurer Dominic Perrettot is planning to deliver a delayed State budget in late-November. However, NSW Labor does not believe the community can afford to wait until then.
“A lot has happened in the last two months and we need a comprehensive economic update. As the largest economy in Australia, NSW business and the community should know the impact on our State. This is about helping businesses plan and calibrate their responses,” Mr Secord said.
“We want to know the NSW Treasury projections on the number of NSW families who’ll be unemployed this Christmas.”
Mr Frydebnerg also announced that the Australian economy would experience a 2.5 per cent decline in GDP for the 2020/21 financial year and the national unemployment rate is expected to peak at 9.75 per cent in the December quarter this year.
Mr Mookhey said “Unfortunately, the response from the Berejiklian Government is to cut wages and remove stimulus funding from the community.”
“They were warned by NSW Treasury officials that cutting wages would hurt our economy, and yet they did it anyway.”
“Mr Perrottet and Finance Minister Damien Tudehope have underspent vital stimulus programs such as the Small Business Grant scheme and Land Tax relief for landlords and tenants.
“Dominic Perrottet is worried that providing a budget update would show that the Berejiklian Government has been timid in its response to the COVID crisis.”
The undersubscribed Berejiklian Government schemes include:
- Providing only $2.7 million of Land Tax relief for landlords and tenants out of a $440 million fund
- Being forced to re-badge and extend the Small Business Grant scheme after denying $350 million of crucial support to struggling small businesses
- Providing payroll tax relief to less than half of eligible NSW businesses (only 19,540 out of 51,697 eligible businesses received deferrals)