Bum bum, not next year, 3 years away and that's if they do nothing in between. The state is running a surplus, its committed capital spending pushing it into the Red.
WRONG again. Berejiklian's debt is projected to expand to $40,000,000,000 in the next year. Not as bad as the projected debt for Victoria @ $90,000,000,000 by 2024 but nevertheless deteriorating at a very rapid pace.
NSW and VIC governments are both BROKE, both governments have run out of things to privatise and are going deeply into debt to keep up with growth. This is in no way sustainable.NSW is not broke or suffering from significant debt.
NSW retains its Triple A credit rating and net debt is currently at zero, with $8.8 in the bank. But net debt levels are forecast to rise to $12.3 billion in 2019-20, and up to $38.6 billion in 2022-23.billionJun 18, 2019
So back to your beginning statement, no, that is incorrect for NSW!
Well I must have read the article incorrectly (it's projected for three years, not one) but that's STILL a huge amount of money considering GST revenues are projected to be down by $10,000,000,000 and there's nothing left for NSW to sell. They got a one-off sugar hit from their power privatisation - the same as Dan Andrews got a big whack of money from the privatisation of the Port of Melbourne - and now there's nothing left.
Actually that's not quite true, NSW and VIC are both looking around for anything else they can flog. Berejiklian flogged off the Land Titles office in NSW for $2.6 billion in 2017 with the promise that fees would remain capped at inflation - but the new owners immediately hiked some of their fees by huge amounts (some by 1900%) and started implementing a whole new range of fees until they were found out and made to adhere to the terms of their contract (Fairfax/Nine)
. Same in Victoria, Land Titles office flogged off for $2.86 billion and immediately started putting prices up.
Victoria is actually scoping the sale of some previously untouchable assets such as the operation of VicRoads motor registry (Morgan Stanley is advising them on this), the Transport Accident Commission (you can bet they won't stay headquartered in Geelong if they're not government controlled any longer, the insurance industry is salivating with the prospect of getting their hands on that particular juicy uncontested monopoly) and even the Public Records Office. Dan Andrews might overtly be a touchy-feely socialist but in practice he's Margaret Thatcher through and through.
You seriously have to wonder what the point of State governments is any longer if they don't even provide fundamental services like car registration, land titles, public records etc any longer - and you can bet that the cost of using those services will soar under new private owners. It's bad enough that the overall taxation burden to the Australian public has increased by around 4.5% every year for Commonwealth, state and local government revenues for the last five years - now the cost of the few remaining state government services will soar as well.