NSW Pledges Billions Towards Housing Sector to Deal With Affordability

The government aims to build 377,000 new homes and will underwrite the construction industry.

NSW Treasurer Daniel Mookhey speaks to media during a press conference at Randwick Ambulance Station in Sydney, Australia, on Dec. 13, 2023. AAP Image/Dan Himbrechts

New South Wales (NSW) is to head into its sixth straight year in deficit, something state Labor Treasurer Daniel Mookhey blames entirely on the Commonwealth Grants Commission’s decision to cut NSW’s share of GST revenues by $11.9 billion over the next four years.

The treasurer has branded this decision an “absurdity” which would impose “austerity” on the state.