Last week saw the release of the NSW State Budget for 2023/2024.
The budget release was historic for one main reason, it was the first NSW Labor Party budget to be announced in 12 years, following Liberal Party dominance of NSW since 2011.
The NSW State Budget for 2023/2024 was met with mixed reception from the public.
The centrepiece of the NSW State Budget was the housing crisis which has been at the forefront of news headlines for the past few years.
While property/housing was at the centrepiece of the budget, the budget did fall short and ultimately needed to include more funds to operate as a justifiable solution.
The budget included a modest $300 million investment into Landcom, the state-owned development organisation tasked to build 5,000 homes in the next 16 years.
The Treasurer of NSW defended the budget and stated that it’s, “just the start”.
The $2.2 billion dollar package as stated has had a mixed reception from housing groups.
The current property boom in conjunction with the allocated budget is expected to deliver the, NSW Labor Party, billions in revenue through stamp duty and land taxes.
Social housing has always been a topic of conversation and the budget aimed to meet concerns by allocating 224 million dollars for social housing.
However, Mark Degotardi, Chief Executive Officer at, Community Housing Industry Association for NSW, stated that the budget is well below the necessary funds needed, stating that social housing requires billions of dollars.
The NSW government has also allocated $5.5 million dollars to develop an AI system to help speed up the backlog of development applications.
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