The NSW 2024-25 State Budget was handed down on 18 June 2024. Here are some highlights:
Supporting businesses
The NSW Government’s support includes:
- The recently created Service NSW Business Bureau has been allocated an additional $5 million, bringing the total investment in 2024-25 to $30 million. The Service NSW Business Bureau will focus on delivering key programs and services for small businesses.
- National Energy Bill Relief Package a one-off bill relief payment of up to $300 to the electricity bills of all households and up to $325 for small businesses.
- $188.8 million payroll tax relief to bulk-billing GP clinics.
Disaster relief and recovery
This Budget invests $5.7 billion, including co-contributions from the Australian Government, to continue natural disaster support and recovery programs. This includes:
- $632.4 million to continue delivering new and safe housing across the Northern Rivers and Central West, including $525 million to support voluntary buybacks, raisings, repairs and retrofits through the Resilient Homes Program.
- $6.5 million for the Spontaneous Volunteers Support Program to support better coordination of community efforts to save lives and property during disasters.
Building better communities
- $88.8 million to the NSW Office of Sport to support grassroots sports in new communities, deliver women’s sport initiatives and planning for the relocation of the NSW Institute of Sport ahead of the Olympic Games.
- $73 million in a permanent boost in funding to support social cohesion and community harmony through Multicultural NSW.
- $6 million over two years to continue the Learn to Swim program targeted at Culturally and Linguistically Diverse and low socioeconomic communities.
- $18.5 million for the Sound NSW election commitment to deliver programs that drive audience and international market development, strengthen the live music ecosystem and champion NSW artists and stories.
Cost of living relief
In 2024-25, the NSW Government will provide around $8.7 billion to households to assist with growing cost of living pressures. This includes:
- Concessions and exemptions from transfer duty on properties valued less than $1 million for eligible first home buyers under the First Home Buyer Assistance Scheme which was expanded on 1 July 2023.
- A $10,000 First Home Owner Grant for eligible first home owners buying a newly built house, townhouse, apartment, unit or similar with a purchase price below $600,000 or land and new house with a total combined cost below $750,000.
- Private rental assistance through Rent Choice, Advance Rent, Bond Loan and other programs to help eligible persons, including those escaping domestic violence, set up and maintain.
- The Pensioner Council Rates Concession provides a rebate of up to $250 on ordinary council rates and charges for domestic waste management services to eligible pensioners, jointly funded by councils.
- The School Student Transport Scheme which provides subsidised travel to and from school for eligible students on Government and private bus, rail, and ferry services, long-distance coaches, and in private vehicles where no public transport services exist
- The Taxi Transport Subsidy Scheme provides a 50% subsidy of a taxi fare, up to a maximum of $60, for eligible NSW residents who cannot use public transport because of a severe and permanent disability.
- Providing a $100 rebate to registered first and second year apprentices through the Apprentice Vehicle Registration Rebate.
Budget papers can be found here.