NSW Government Budget Announcement live stream: Treasurer Matt Kean announces a $3000 payment, Stamp Duty reform and investment in childcare

First-time home buyers in New South Wales will find a new way into the housing market when the state budget is handed over on Tuesday.

Premier Dominic Perrottet will push ahead with his plan to overhaul the stamp duty system to improve affordability.

Treasurer Matt Kean will present the NSW State Budget on Tuesday midday (AEST). You can watch the announcement in the video player above.

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In the 2022-23 budget, a multi-billion dollar housing package is announced, dubbed the First Home Buyer’s Choice Investment.

Perrottet had previously stated his intention to move from stamp duty to an opt-in property tax.

“We want to lower the barriers to home ownership for first-time buyers looking for their own home,” he said on Tuesday.

First-time home buyers in NSW will find a new route into the housing market when the state budget is handed over. Recognition: DAN RIM RIGHT/AAP

The new scheme, which goes into effect on January 16, would offer eligible first home buyers a choice.

You can either prepay stamp duty or opt for an annual tax on properties worth up to $1.5 million.

The annual tax would be $400 plus 0.3 percent of the land value of the property.

However, the property will not be permanently included in the program if it is sold.

NSW Treasurer Matt Kean and Premier Dominic Perrottet. Recognition: BIANCA DE MARCHI/AAP

Stamp duty concessions still apply to properties priced between $650,000 and $800,000.

First home buyers can still apply for a full stamp duty exemption on homes valued up to $650,000.

Full details will be announced by Treasurer Matt Kean on Tuesday afternoon when he makes his first budget speech in Parliament.

The policy is one of many investments announced by the state government ahead of Budget Day.

How a $100,000 project manager in Sydney budgets her money each month.

How a $100,000 project manager in Sydney budgets her money each month.

health investments

Other key points include lifting the public sector wage cap and hiring more than 10,000 additional full-time healthcare workers.

The salary cap in the public sector will be raised to 3 percent this fiscal year and to 3.5 percent next year.

The NSW Health Services Union welcomed the bonus but said it wanted to scrap the wage cap.

In addition, details of the $3,000 value-added payment to healthcare workers will be provided in the budget.

New South Wales’ ailing healthcare sector is being thrown a lifeline in the form of a recruitment blitz in the upcoming budget.

New South Wales’ ailing healthcare sector is being thrown a lifeline in the form of a recruitment blitz in the upcoming budget.

“We are paying $3,000 in recognition to all of our healthcare workers for the sacrifices they have made over the past two years,” Perrottet previously announced.

This payment is prorated for eligible casual workers.

Perrottet also announced that it will hire more than 10,000 healthcare workers, including doctors and nurses, in a $4.5 billion move over four years.

“Everyone in NSW owes a debt of gratitude to our health workers for their selfless efforts during the pandemic, remembering that there was no vaccine for a long time and they risked their lives to care for patients every day,” he said.

emergency measures

Approximately $315.2 million will be allocated over four years to help communities improve their bushfire response.

This includes $191 million for rural fire departments to reduce hazards, maintain fire trails and procure fleets.

There’s also $105.6 million for new trucks or restoration work on older vehicles, $75 million for mitigation teams, and $10 million for strategic fire lane improvement.

The NSW SES will receive its largest ever funding boost of US$132.7 million.

It will move towards new infrastructure, resources, more staff and a Lismore-based Incident Control Center.

Approximately $58.7 million to modernize 18 critical priority facilities and $43 million to split the existing north and west zones into four separate sectors.

transport

Around US$500 million will be invested in a railway upgrade between Sydney and the Central Coast, which could pave the way for faster services between Sydney and Newcastle.

Initial improvements will affect the Tuggerah-Wyong link and include new electrified tracks, railroad bridges over the Wyong River and station upgrades.

The funding is for a $567.9 million upgrade to Opal’s smart ticketing system, including a new Opal digital card and funding for a 12-month trial of Opal Plus for 10,000 people.

This service allows commuters to bundle public transit, ridesharing, taxis, e-bike rentals, and parking fees.

Around 500,000 drivers receive quarterly discounts on their toll bills. Drivers who spend at least $375 per year in tolls receive a 40 percent discount starting at $150, with a maximum annual benefit of $750.

energy

A Transmission Acceleration Facility costing $1.2 billion is included in the budget to create more renewable energy zones, drive private investment in renewable energy, improve the transmission grid and improve energy storage.

About 30,000 homes are eligible for either a free solar system or an energy-saving upgrade that could save them up to $600 a year under a $128 million Energy Bill Buster program.

Around one in three NSW households are already receiving an energy rebate to help with electricity bills.

The Energy Bill Buster program aims to allow these households to exchange these rebates for a lump sum towards free solar installation.

People who live or rent homes that can’t have solar installed can trade a discount for other measures, including more efficient appliances, window shading, and draft sealing, up to a value of $4,000.

Full details will be announced when Kean presents his first budget on Tuesday.

– With AAP

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