The NSW Treasurer has blamed a $12 billion budget hit on the GST carve-up, as he conceded the state would be stripped of its top-tier ratings.
has conceded, blaming an unfavourable GST carve-up for a $12 billion budget hit, set to be more costly for the state than COVID-19.
“I think protecting family budgets takes precedence over the AAA credit rating,” he will tell the McKell Institute in an address on Monday. “And I think having the flexibility to respond to the risk of recession is more important than the AAA in the current economic climate.” Mr Mookhey has previously argued rating agency assessments were becoming less important, noting Fitch cut the United States’ AAA status to AA+ in 2023 and Moody’s downgraded the US’ outlook from stable to negative.
Dr Chalmers and Prime Minister Anthony Albanese have dismissed the push. Renegotiation of national partnership agreements could help even the ledger for NSW, but Mr Mookhey said he had no spare fiscal capacity to pay for more NDIS services.GST top-up payments and extra health and hospital fundingDebt-laden Victoria was the biggest winner of the latest GST distribution. Its take will increase by $3.8 billion to $23.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasurer issues warning over next month's federal budgetThe Treasurer is warning next month&x27;s Budget will be tougher than expected, as he tries to navigate the economy through domestic and foreign challenges.
Read more »
Treasurer Jim Chalmers urged to prioritize long-term solution for aged care fundingThe upcoming budget announcement by Treasurer Jim Chalmers will determine the sustainability of the aged care industry. The new Aged Care Act, recommended by the Royal Commission, will focus on residential care and support standards. Chalmers should not opt for a short-term fix, but rather prioritize a robust model for the next 50 years and beyond.
Read more »
Treasurer alludes to major foreign investment reform, iron ore to affect budget surplusTreasurer Jim Chalmers indicates tax incentives targeted at certain industries will feature in the May budget, plus an imminent overhaul of foreign investment laws, while flagging the iron ore price could negatively influence a possible surplus.
Read more »
Australia will work with Trump if that’s the card we’re dealt: TreasurerJim Chalmers has held high-level meetings in Washington ahead of unveiling this year’s budget, which he says will target “economic security”.
Read more »
Australia will work with Trump if that’s the card we’re dealt: TreasurerJim Chalmers has held high-level meetings in Washington ahead of unveiling this year’s budget, which he says will target “economic security”.
Read more »
Australia will work with Trump if that’s the card we’re dealt: TreasurerJim Chalmers has held high-level meetings in Washington ahead of unveiling this year’s budget, which he says will target “economic security”.
Read more »