Recap: Analysing the 2023 NSW Budget

Two weeks has passed since we witnessed a significant milestone with the release of the 2023/2024 NSW State Budget.

Notably, this budget marked a historic event as it was the first NSW Labor Party budget in 12 years, following the prolonged dominance of the Liberal Party in NSW politics since 2011.

NSW State Budget Highlights

The 2023/2024 NSW State Budget garnered mixed reactions from the public. Its centrepiece was the pressing housing crisis that has consistently made headlines in recent years. While addressing this issue, the budget fell short and left room for further improvements.

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Addressing the Housing Crisis

The budget allocated a modest $300 million investment into Landcom, the state-owned development organisation tasked with constructing 5,000 homes over the next 16 years. The Treasurer of NSW defended the budget, emphasising that it's only the beginning of their efforts.

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Public Reception and Revenue Projections

The $2.2 billion budget package has received mixed reviews from housing groups. Coupled with the ongoing property boom, it is anticipated to generate significant revenue for the NSW Labor Party through stamp duty and land taxes.

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Social Housing Initiatives

Social housing has long been a topic of concern. The budget aimed to address these concerns by allocating $224 million for social housing. However, Mark Degotardi, CEO of the Community Housing Industry Association for NSW, believes that the budget allocation falls significantly short of what is required, emphasising that social housing needs billions of dollars in investment.

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Leveraging Technology

In response to the housing crisis, the NSW government allocated $5.5 million to develop an AI system aimed at expediting the backlog of development applications. Smart investments are crucial in resolving the housing crisis.

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Conclusion

In addressing the housing crisis and navigating the complexities of the NSW State Budget, one smart investment option stands out—SMSF property investment with Supavest. To learn more about this opportunity and how it can help you secure your financial future, contact our team today!

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