The 2020-21 Budget will continue to invest in an infrastructure program that builds a better NSW, with a record infrastructure pipeline of $107.1 billion to ensure the delivery of projects across the State, including vital infrastructure in Health, Education and Transport.
The record $107.1 billion pipeline is estimated to generate 145,000 jobs directly or indirectly each year. This transformational pipeline of infrastructure projects, both planned and already underway, will boost consumer confidence, putting NSW in a strong position to respond to the economic crisis.
Underpinning this stimulus is the $3 billion Jobs and Infrastructure Acceleration Fund, which will support 20,000 jobs and deliver new and fast tracked projects across the State.
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An infrastructure pipeline to deliver vital Health, Education and Transport projects, including:
$10.4 billion over the next four years for Sydney Metro West. Once completed this project will double the rail capacity between the Sydney and Parramatta CBDs, linking new communities to rail services and supporting both employment growth and housing supply.
Sydney Metro West will have a travel time target of around 20 minutes between the two cities and is expected to create about 10,000 direct and 70,000 indirect jobs during construction.
$9.2 billion over the next four years for Sydney Metro – Western Sydney Airport – the new metro rail will become the transport spine for Greater Western Sydney, connecting communities and travellers with the new Western Sydney International (Nancy-Bird Walton) Airport and the growing region.
This city-shaping project will provide a major economic stimulus for Western Sydney, creating more than 14,000 jobs during construction.
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Our $33 billion transport budget over the forward estimates will deliver infrastructure and services for the future, including:
$1.6 billion for bus services in 2020-21 throughout NSW, including regional and metropolitan bus services, school services and funding of new replacement buses.
$1.1 billion to continue to deliver More Trains, More Services and more frequent and additional services on the Illawarra, Airport and South Coast lines.
During the pandemic, 50% fare discount for off-peak travel for three months between June and September was offered. Whilst this ended in September, the previous 30% off-peak discount, previously only available for train and metro, was extended to bus and light rail.
The NSW Government’s early response to the pandemic turbo-charged the State’s health system capacity — quadrupling intensive care capacity in NSW hospitals, resourcing highly effective testing and tracing capabilities, employing effective hotel quarantine and purchasing more than $1 billion in personal protective equipment (PPE) to keep frontline workers safe.
The NSW Government will invest $29.3 billion in recurrent and capital funding in the NSW health system, continuing the COVID-safe measures that have made NSW the standout success of Australia’s pandemic response.
As nations around the world have gone back into lockdown, the Berejiklian Government’s support measures will keep NSW ahead of the virus. |
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$2.1 BILLION PAYROLL TAX CUT
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I am extremely pleased to see major payroll tax relief announced in the 2020-21 NSW Budget which will enable businesses to hire more staff, keep their doors open and focus on recovery in the post-pandemic world.
On average, businesses liable for payroll tax could save around $34,000 a year over the next two years, which could be reinvested into additional staff, with the median part-time wage equivalent to about $29,500 in NSW.
The tax savings would have a major impact on businesses, enabling employers to offer increased working hours to staff, or hire additional workers.
Since 2016-17, the Government has now cut nearly $9 billion in taxes to help support job creation and businesses.
Treasurer Dom Perrottet said the payroll tax rate would be cut from 5.45 per cent to 4.85 per cent for a two-year period, and will be backdated to 1 July 2020, along with the threshold being permanently increased from $1 million to $1.2 million. |
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