Daniel Mookhey said there were 'severe challenges' facing the NSW Budget as he hinted the government would look to cut costs and reign in spending rather than provide cost of living relief.
New South Wales Treasurer Daniel Mookhey gave a"clear warning" about the state's finances as he flagged the government would look to cut costs and reign in spending as part of the upcoming Budget.
The Treasurer added he was not pulling punches as he laid out the risks to the economy, saying he would not use"smoke and mirror tactics" to pretend the situation was any different to what the facts suggested. All of this means the government is unlikely to reach a surplus when it presents the Budget in September and that the state economy could come perilously close to a recession next financial year.
"If we don't get our spending under control we run the risk of the RBA continuing to put up interest rates month after month." Amongst the measures the Treasurer is reportedly considering are pay freezes for politicians and senior public servants.
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