Reform is on the agenda in NSW after Treasurer Matt Kean handed down the 2022/23 budget, the last before the March state election when Liberal-Nationals will seek a rare fourth term.
"This budget is about reform, reform to support families and build a brighter future for everyone," Mr Kean said on Tuesday as he delivered his first budget.
This time last year it was then-treasurer Dominic Perrottet who announced NSW was "back", shortly before the state was again plunged into lockdown by the outbreak of the Delta variant of COVID-19.
Now premier, Mr Perrottet said Tuesday's budget continued the work of the coalition and the three leaders who preceded him since 2011.
"With this budget, the NSW government sets out a transformational roadmap for the decade ahead," he said.
Both Mr Kean and Mr Perrottet are seeking to put their stamp on the state in the first budget in their respective roles.
The premier signed off on the first stage of a long-held plan to abolish stamp duty and the treasurer implemented the first policies recommended by the expert panel of women assembled in February to advise on the budget.
The centerpiece is a plan to spend up to $5 billion over the next decade to address "childcare deserts" and help women return to work.
Mr Kean said the budget was "investing in the aspirations of women".
Increasing women's workforce participation to equal men's would make the economy eight per cent larger by 2060.
"This is an economic opportunity we cannot ignore," Mr Kean said.
Mr Perrottet pledged to put families first as premier and the budget contains billions in spending for that.
Parental leave will be expanded for public sector workers, there will be a $150 back-to-school voucher per child with subsidies available for pre-school fees, and other cost-of-living measures such as toll rebates, free solar or energy efficient appliance upgrades are expected to bring relief to families.
Many of the larger spending items focus on growing the future economy.
"(The) budget is a 10-year blueprint for prosperity," Mr Kean said.
The government insists the present NSW economy is also doing well, however.
Despite the pandemic and natural disasters, the state retained a projected return to surplus in 2024/25.
The surplus will come from budget improvement measures over the next four years, including increased taxes on foreign investors and gambling, Mr Kean said.
Projected rises in GST revenue, mineral royalties, payroll and land taxes would also boost revenue.
Temporary payroll tax relief during the coronavirus pandemic will end, returning to 5.45 per cent, but businesses in "future industries" will be offered grants and tax exemptions through the Future Economy Fund until July 2027.
Projected economic growth is 4.25 per cent over the next financial year.
The projected deficit for 2022/23 blew out to $11.3 billion, however, up from $3.6 billion at the mid-year review in December.
A projected deficit of $2.8 billion for 2023/24 should be followed by a better than expected $601 million surplus in 2024/25.
Business NSW chief executive Daniel Hunter said getting to the projected surplus won't be easy.
"That will take solid financial management considering the debt levels and the vast spending measures detailed in this budget," he said.
The payroll tax change from next month will force businesses to "contribute more than their fair share".
"This pressure adds to the rising inflation and energy costs and labour shortages faced by business," Mr Hunter added.
