In the wake of the recent release of New South Wales’ 2024/2025 budget, experts suggest NSW, and all Australian states, would benefit from visionary leaders with the gumption to introduce dynamic policies to stimulate economic growth.
Many state budgets are still suffering COVID hangovers, which reduced state government revenues but simultaneously increased debt. Higher interest rates and inflation are also damping states’ economic performance. Western Australia and Queensland are the two standouts, both posting surpluses this year.
NSW’s 2024/2025 budget papers include $119.4 billion over four years to rebuild essential services and drive new housing supply. The NSW government is forecasting a deficit of $3.6…