Reform is on the agenda in NSW as Treasurer Matt Kean hands down the 2022/23 budget, the last before the March state election when Liberal-Nationals will seek a historic fourth term.
"This budget is about reform, reform to support families and build a brighter future for everyone," Mr Kean said on Tuesday as he delivered his first budget.
This time last year it was then-treasurer Dominic Perrottet who announced NSW was "back", shortly before the state was again plunged into lockdown by the outbreak of the Delta variant of COVID-19.
Now premier, Mr Perrottet said Tuesday's budget continued the work of the coalition and the three premiers who had preceded him since 2011.
"For more than a decade we have delivered on our vision ... with this budget the NSW government sets out a transformational roadmap for the decade ahead, delivering not just for our people today, but for generations to come," Mr Perrottet said.
Both men have sought to put their stamp on the state in the first budget in their respective roles, with the premier enacting the first stage of a long-held plan to abolish stamp duty and the treasurer implementing the first policies recommended by the expert panel of women assembled in February to advise on the budget.
The centrepiece from their recommendations is a plan to spend up to $5 billion during the next decade to address "childcare deserts" and help women return to work after birth.
Mr Kean said the budget was "investing in the aspirations of women", and increasing women's workforce participation to the same rate as men's would make the economy eight per cent larger by 2060.
"This is an economic opportunity we cannot ignore," Mr Kean said.Mr Perrottet pledged to put families first after he became premier, and the budget contains billions in spending for families.
As well as spending on child care, parental leave will be expanded for public sector workers, subsidies will be available for pre-school fees, the will be a $150 back-to-school voucher per child and other cost of living measures such as toll rebates, free solar systems or energy efficient appliance upgrades are expected to bring relief to families.
Growing the future economy is a focus of many of the larger spending items in the 2022/23 budget."(The) budget is a 10-year blueprint for prosperity," Mr Kean said.
The government insists the present NSW economy is also doing well, however.
Despite the pandemic and recent natural disasters, the state has retained a projected return to surplus in 2024/25.The surplus would be achieved through budget improvement measures over the next four years, including increases in taxes on foreign investors and gambling, Mr Kean said.
Revenue is also expected to increase on the back of projected rises in GST revenue, mineral royalties, payroll and land taxes.
Temporary payroll tax relief for businesses, in place throughout the coronavirus pandemic, will end and return to 5.45 per cent, but businesses in "future industries" will be offered grants and payroll tax exemptions through the Future Economy Fund until July 2027.
Economic growth of 4.25 per cent is projected for the next financial year.The projected deficit for 2022/23 has blown out to $11.3 billion however, up from $3.6 billion projected at the midyear review in December, which was shortly followed by the Omicron outbreak.
A deficit of $2.8 billion is projected for 2023/24 followed by a $601 million surplus in 2024/25.Like the deficits, the surplus also exceeds what was projected in December's half-year review.
