The Berejiklian Government is not prepared for a multi-billion-dollar budget shock.
Since 2011, the Liberal Government has been propped up by rivers of stamp duty gold but it has not planned ahead for the cooling of Sydney’s property market.
There are media reports that Treasurer Dominic Perrottet will have to writedown stamp duty revenue to the tune of $865 million this financial year.
Every year for the next four years there will be an estimated drop in revenue of $1.5 billion over the forward estimates.
That is $6 billion the Berejiklian Government thought it had in stamp duty revenue but won’t.
This blow to the budget raises serious questions about how the Liberal Government will fund road, transport, health and school projects.
Premier Gladys Berejiklian and the Treasurer have the wrong priorities if they still want to splurge $2.3 billion on stadiums.
Quotes attributable to Shadow Treasurer Ryan Park
“The Treasurer has not prepared for this drop in crucial revenue
“Many of the Berejiklian Government’s projects are pipe dreams if it can’t fund them.
“This Government has sold off most of NSW’s public assets as well - there’s no plan for future revenue.”