NSW to spend its way out of recession

As part of its response to the economic downturn caused by COVID-19, the NSW government has committed to spending more than $107 billion over the next four years to spur economic growth.

In announcing the spending spree while delivering the state budget, Treasurer Dominic Perrottet said more than $800 million will be spent on new social housing and maintaining existing stock. An extra $2.7 billion has been allocated to infrastructure commitments in Restart NSW, including more than $477 million for the Western Harbour Tunnel and M6 project.

The government also promised to spend more than $107 billion on infrastructure projects over the next four years to spur economic growth.

“This state-building pipeline will drive our recovery and strengthen our state, so we can stand tall today and lift future generations even higher,” Mr Perrottet said.

The government intends to take advantage of record low interest rates to borrow money necessary to fund the projects.