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NSW Budget 2023-2024

On 19th September, 2023, NSW Treasurer Daniel Mookhey handed down his first budget following the ALP’s win in the NSW election earlier this year. The budget forecasts a return to surplus within two years despite a budget shortfall this year of approx $8 billion. Not much here for small business owners, however we highlight “winners” & “losers” here:



  • Will receive a 12% pay rise
  • Entry level pay will increase from $75,791 to $85,000
  • $20 million boost to the “Innovative Teacher Training Fund” to attract the best

Heathcare Workers

  • $2.5 billion to be invested in supporting workers in this sector to fund:
    • Additional 1,200 nurses and convert temporary nurse and midwife positions to permanent
    • 500 new rural and regional paramedics
    • 4.5% increase in pay for health care workers – also applied to other public sector workers
    • Subsidies to 12,000 students to study to join the profession
    • New students to receive scholarships of $4,000pa – existing students will receive a one-off payment of $8,000.


  • Various financial fee relief payments for parents of pre-school children


  • Establishment of the “NSW Business Bureau”, a body which will assist small businesses engage with government regulation, procurement pathways, and grant applications. The body will also assist small businesses as they attempt to enter overseas markets.


  • $60.00 toll cap per week (pre-election promise) will commence 1st January, 2024
    • Spend above $60 pw will be claimed back quarterly from Services NSW
  • Toll rebates for heavy vehicles commencing 1st January, 2023 using M5 East and M8 tunnels. Rebates equate to one-third of trip cost.


  • Business
    • calls to reduce the base payroll tax rate, or add a regional-specific tax rate like in Victoria, were not forthcoming
    • Reduction in duty relief on corporate reconstruction. Transfer of assets previously exempt from transfer duty under certain circumstances. From 1st February, 2024, a “concessional duty” charged at 10% will be payable
    • Cuts to Destination NSW, the government agency tasked with promoting tourism and events within the state — and, by extension, supporting the small businesses that operate in and around the sector.
  • The Great Western Highway Tunnel and the Northern Beaches Tunnel have been scrapped.
  • The electric vehicle rebate has been scrapped (from 1st January, 2024), however funds will be invested to speed up related infrastructure around the state (ie charging stations)
  • Fast rail between Sydney, Newcastle & Wollongong has been “shelved”

Show me the money!!

  • Principally increased royalties (2.6%) from the coal industry - $2.7 billion over 4 years
  • Booming property market – substantial revenues through growth in stamp duty and land taxes
  • Payroll Tax revenue to increase by $2.8 billion over the four years to 2026-27 driven by increased employment and higher wages
  • Casino duty rates – additional levy of 35% on gaming revenue if the casino (The Star) earns more than $1.125 billion in 12 months,

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