The NSW Budget 2024-25 offers a mixed bag for residents, with a focus on social housing, healthcare, and cost-of-living support. Here's a quick breakdown of the key areas:
- Homebuyers and Renters: The government is investing heavily in social housing, with a target of 30,000 new and affordable homes. This includes dedicated support for victims of domestic violence.
- Healthcare Sector: Hospitals are receiving a funding boost to improve wait times and services.
- Public-Sector Workers: Public servants can expect a wage increase over the next three years, along with a cost-of-living adjustment.
- Vulnerable Communities: Increased funding for domestic violence support, disaster recovery, homeless services, and low-income households.
- High Earners: Inflation pushing incomes into higher tax brackets could result in a tax hike.
- New Home Buyers: Despite the increased housing supply, rising mortgage costs make it harder to afford a first home, particularly in Western Sydney.
- Western Sydney Residents: This region faces a double whammy of surging rents and mortgage costs.
- Foreign Investors: Increased taxes on foreign property ownership aim to make housing more accessible for residents.
- The government is facing a budget deficit and has suspended contributions to a savings fund.
- Land tax thresholds will be adjusted to keep pace with inflation.
- Home loan experts believe the budget doesn't address the core issue of housing supply and may worsen the situation for renters.
For a full analysis of the budget, read our detailed report, and see what our experts are saying about it --> https://bit.ly/4eyS9Ef
