The deficit has been blamed on a $11.9 billion funding shortfall incurred after the Commonwealth was advised to distribute less GST revenue to NSW.The New South Wales government is forecasting four more years of deficits in Tuesday's budget, after a change to how money from the GST is distributed shattered hopes of a return to surplus.
While the government is blaming an $11.9 billion shortfall in expected GST revenue, Treasury's own calculations show the state was still heading for a $1.9 billion deficit in 2024-25 even under the previous assumptions. "People will see us take the next step forward in acting on this housing crisis — decisive actions to deal with the housing crisis that is affecting all of New South Wales," he told the ABC.
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