A Labor budget has failed to deliver any bold visions or ambitious projects befitting of Australia’s economic powerhouse, a state Liberal leader says.
Softly spoken NSW Opposition Leader Mark Speakman said Treasurer Daniel Mookhey’s third budget was based on “dubious assumptions” and projections of a surplus were “phony”.
Mr Speakman said housing was an “intergenerational equity issue” and the budget needed to reflect its urgency.
The budget handed down on Tuesday forecasts 240,000 housing completions by 2029, exceeding the previous government’s forecast but below the 377,000 new homes targeted under a national housing agreement.
“Their (Labor’s) own budget doesn’t tackle the biggest problem in the game when it comes to housing supply and that’s feasibility to build, to make it profitable for people to build,” Mr Speakman said.
Asked how the coalition’s policies would differ, Mr Speakman said the focus would be easing taxes and charges on new homes, calling them “some of the highest in the country”.
With a state election two years away, he said a budget under his leadership would capitalise on untapped sources.
“There are rivers of gold when it comes to revenue with payroll tax, stamp duty, land tax, motor vehicle tax and even the GST,” he said.
The state’s $128 billion 2025/26 budget featured increased investment in essential services and lower debt, with a $1 billion housing development fund to finance developers behind low- to mid-rise buildings.
However, Mr Speakman said having the state act as a guarantor would not be enough to attract developers.
“It may make a marginal difference to financing costs but it’s not going to be a game-shifter,” he said.
Echoing newly minted federal Liberal leader Sussan Ley’s vow on Wednesday to represent “modern Australia”, Mr Speakman said he wanted to lure young voters back to the party by talking to their concerns.
“You focus on the things that matter to the vast majority of citizens in NSW, which are cost of living, housing, good services, good schools for kids, public transport you can rely on,” he said.
“You’ve got to earn it, though. There can’t be any sense of entitlement.
“You have to persuade people you are there to represent their best interests and fight for them every day.”
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