The Key Points:
Illawarra Mercury
Wednesday May 24, 2000
Cash surplus of $393 million for 2000-01.
Operating surplus of $1.24 billion.
Rainy day fund comprising $830 million of prepaid government superannuation contributions.
All permanent Olympic venues paid for, $653million Olympics taxation revenue over the Games period.
Forecast Gross State Product (GSP) growth of 4 per cent in 2000-01 aided by the Sydney Olympics and the NRMA's partial demutualisation, a fall from the 4.25 per cent forecast for 1999-00.
Employment to remain robust, with the unemployment rate falling to 5.75 per cent in 2000-01 from the 6.0 per cent estimate for 1999-00.
A new scheme, First Home Plus, that provides full and partial exemption from stamp duty for first home buyers.
Capital works program of $2.5 billion over the four years to June 30, 2004, which is expected to sustain approximately 84,000 jobs each year.
Spending on health services of $7.4 billion, up about $500 million from last year, plus a further $472 million for capital works for new hospitals:
- a guaranteed funding increase to all area health services to meet growth in demand, particularly Northern Rivers, Mid-North Coast, the Central Coast, the Illawarra and south-western Sydney;
- $36.5 million for improving mental health services;
- $16 million for a new spinal medicine and 60-bed rehabilitation unit at the Prince of Wales Hospital; and a
- $5.8 million expansion to rural health program.
A record $1.486 billion for community and disability services, including $110 million for child protection and a $20 million increase in foster care payments.
Payroll tax cut to 6.2 per cent from 6.4 per cent brought forward by six months to January 1, 2001.
Stamp duty rate on general insurance cut to 10 per cent from 11 per cent.
$87 million to upgrade CityRail and new Millennium trains.
$1.08 billion on roads statewide.
Police budget up $189 million, most to go on new technology.
© 2000 Illawarra Mercury
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