NSW Treasurer Daniel Mookhey confirms Sydney's housing ‘Plan B' won't be in Tuesday's budget
NSW Treasurer Daniel Mookhey has definitely ruled out any announcement on the government's 'Plan B' for housing in next week's budget, after a $5bn proposal to turn Rosehill racecourse into 25,000 homes was shot down.
Mr Mookhey will hand down his third budget since Labor's 2022 election on Tuesday, as NSW continues to grapple with a worsening housing crisis and the fallout from a summer marred by anti-Semitic attacks.
Billions of dollars in spending has already been announced ahead of the budget, expected to feature the same fiscal restraint as the previous two years, including in housing, justice reform, and Western Sydney airport.
The budget comes after a majority of members from the Australian Turf Club voted down plans in May to turn the historic Rosehill racecourse in Sydney's west into a first-of-its-kind mini-city with a Metro station.
Premier Chris Minns has since said the state government was working on its 'Plan B', with reports the port of Glebe Island was being eyed for housing, but has so far remained mum on what that project would be.
Asked about whether the 'Plan B' for housing near Sydney's CBD would feature in the budget, Mr Mookhey on Friday told NewsWire '(in) next week's budget, we will make progress in dealing with the housing challenge'.
'We will not be sort of announcing Plan B on budget day. But we're pretty clear that we need to build more homes.'
Mr Mookhey said he was 'disappointed' in the failed sale of Rosehill.
'What it means for the state is that we do need to build more homes,' he said.
A raft of policy measures has already been announced ahead of the budget to target housing, including making tax cuts to build-to-rent schemes indefinite and draft guidelines for the 'build-in-kind' scheme.
Despite a damaging few weeks for the Treasurer, whose workers compensation reform measures were sent back for another inquiry amid fierce push back from the Liberals, Greens, and the unions, Mr Mookhey was optimistic.
Asked about the message of the 2025-26 budget, Mr Mookhey said it was about the 'future of our essential services and the future of our economy', and touted the work of the NSW Labor government until now.
'It is about making sure that we are making the right investments to deliver the world class public services that people will expect, and to make sure that the NSW economy continues to grow so we can lift people's living standards, improve their wages and create jobs,' Mr Mookhey said.
'That's been what this budget has been about, and the reason why we can now make these investments is because we've made real progress in stabilising the state's finances.
'We've inherited a $15bn deficit, which we've made good progress in turning around. We can report now for the first time in years, the NSW government is back into cash surplus.
'We can say that the debt is stabilising. We've kept our promise to keep debt at below $187bn at this point in time. So, that gives us that platform for more progress.'
The budget comes after the Western Australian budget on Thursday reported a $2.5bn surplus off the back of a 2018 deal that gave it an guaranteed share of the country's GST carve-up.
Mr Mookhey previously said he would advocate to the Albanese government to reform the tax allocation, which he said cost the state government $12.6bn last year – for which the state was 'still recovering'.
'It's undoubtedly the case that that remains a challenge for NSW, and it doesn't matter whether there's a Labor treasurer or a Liberal treasurer, the state would have to be dealing with that.
'Which is why I am glad that here in NSW, we do have bipartisanship about the need for GST reform.
'But, in arguing for NSW's position, I don't talk down any other states and I accept the fact that every state will always argue for what they consider to be their interest.
'I'm simply saying that there's a simpler system, that more predictable system, a more certain system that is available, and we'll continue to argue our case for change.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
2 hours ago
- News.com.au
Criterion: Back up the dumpster! It's time for an EOFY share purge
Potential tax loss selling candidates include ASX200 inclusions Domino's Pizza Enterprises and IDP Education Investors may want to offset capital gains from successful AI and Trump-related plays But beware: tax-loss selling is governed by ATO rules Tax-loss selling is a fine judgment call, because the dud shares can be on the cusp of a brilliant recovery. In some cases, their worth has been further devalued by EOFY selling that in theory will ease after June 30. But for investors sitting on capital gains from an AI driven splurge on data centres or a fear-driven plunge into gold, offsetting the gains by selling the lost causes makes sense. Or maybe hey want to lighten up on Commonwealth Bank (ASX:CBA) shares and offset the healthy gains Investors must ensure they are genuinely exiting the position, with the taxman's 'wash' rules preventing repurchasing within 45 days. Even then, investors must justify their action, such as independent research changing a call on a stock from 'sell' to 'buy'. Domino's prospects are as flat as its pizza Amid a string of downgrades, Domino's Pizza Enterprises (ASX:DMP) shares have lost 88% of their value since peaking in September 2021. Domino's problems include underperforming French and Japanese operations, while measures including store closures have failed to turn the company's fortunes. Long-time CEO Don Meij departed in November last year, while the Europe and Japan chiefs have also left the building. As with McDonald's decades previously, Dominos mastered the art of industrial scale, ultra fast production. Maybe the world has reached peak pizza … if that's possible. Busted flush Having seen 70% of the value of their holdings vanish over the past year, Star Entertainment Group (ASX:SGR) investors would have been better off at the blackjack table … and that's not saying much. The owner of gambling dens in Sydney, Brisbane and the Gold Coast, Star was crippled by money laundering and other governance controversies. Star is subject to a convertible note/debt-based rescue bid from US casino operator Bally's Corporation. An independent expert report dubs the proposal as 'not fair' to shaeholders but 'compelling' nonetheless, given the company's dire position. Investors should take the hint. Also pinged for money laundering transgressions, SkyCity Entertainment Group (ASX:SKC) last month warned of 'deteriorating' trading conditions at its Auckland and Adelaide casinos. Skycity shares have fallen 36% over the year. Morningstar dubs them as 'materially undervalued', but the company's luck doesn't look like turning any time soon. A sobering lesson Shares in overseas student wrangler IDP Education (ASX:IEL) plunged 50% after a June 3 profit warning, erasing $1 billion of value. IDP has nowhere to run, with its key geographies of Canada, Australia, the UK and the US all executing migration crackdowns. Overseas students made for a once thriving export industry, but the crackdown has cooked and plucked that golden goose. IDP remains the industry leader and management points to a recovery. The stock remains one class worth wagging, in our humble view. The stock has lost an astonishing 75% over the last year. Shooting Bambi Selling CSL (ASX:CSL) shares is like shooting Bambi, given the almost certain demand for its life-saving plasma derived products. Once the biggest ASX company, CSL has lost 17% of its value because of weakness in its Seqirus flu vaccine division and its acquired Vifor kidney health arm. Lingering concerns over Donald Trump's tariff and drug pricing have also weighed on sentiment. Broker Wilsons describes CSL as 'thorougly over owned'. But - hey - the experts said the same about CBA shares, which continue to defy gravity. Cochlear (ASX:COH) shares also are off the pace. In an earnings downgrade last week, the company noted weakness in developed markets for implant and sound processor sales. New implant and processor products might put things right, but so far investors aren't listening. Small cap cleanout candidates Call recording house Dubber Corp (ASX:DUB) in March 2024 discovered that $30 million of funds had gone missing. This week, the company said it would sue its external auditors over the unrecovered $26.6 million. But with investors sitting on an 80% loss since the incident, they probably should hang up. In the retail sector, shares in plus-sized clothier City Chic Collective (ASX:CCX) have shrunk 35% over the year and 97% over five years. The company recently warned of poor trading here and in the US, while tariffs are a worry. Weight Watchers filed for US bankruptcy in May and Ozempic sales are booming, so maybe there's a nexus. Owner of Kathmandu, KMD Brands (ASX:KMD) on Thursday signalled peak puffer jacket with a weak earnings outlook.
SBS Australia
2 hours ago
- SBS Australia
Australian embassy officials in Iran evacuate as conflict grows in Middle East
Australian embassy officials in Iran evacuate as conflict grows in Middle East Published 20 June 2025, 8:37 am Australian officials and their families have been evacuated from Tehran. Threats of a major regional war have prompted Australia to close its embassy. The Federal government is urgently warning Australians in Iran to leave if safe to do so.
The Advertiser
2 hours ago
- The Advertiser
Secret's out: premier's ex-partner misled watchdog
Findings that Daryl Maguire misled a corruption probe about a $48 million property development sale can be revealed after the ex-Liberal MP lost a bid to suppress them. The former member for Wagga Wagga, whose clandestine relationship with ex-NSW premier Gladys Berejiklian led to her political downfall, appeared at Sydney's Downing Centre Courthouse for the verdict on Friday. Magistrate Clare Farnan ruled that Maguire misled the NSW Independent Commission Against Corruption while giving evidence during a hearing in July 2018. Immediately after handing down her decision, Maguire applied to suppress the finding. His barrister argued publicity about his guilt would prejudice a jury in an upcoming trial over an alleged visa fraud conspiracy expected to commence in September. The bid was opposed by the ABC and Nine but backed by federal prosecutors. Ms Farnan rejected Maguire's application. "The interests of the community in open justice is in my view not outweighed by Mr Maguire's interests," the magistrate said. The magistrate's reasons for determining Maguire's guilt are not yet clear after media and the former MP himself were caught in an administrative mix-up. Another court official on Friday adjourned the case to October only for the magistrate on another level to hand down her decision, without media present. At ICAC, Maguire was asked about what he expected to get out of the sale of an estimated $48 million property development in Campsie in Sydney's southwest. During the criminal hearing earlier in 2025, prosecutors claimed Maguire changed his evidence during questioning over claims he was not expected to be reimbursed. He will face a sentence hearing on August 15. ICAC grilled Maguire and others in 2018 under Operation Dasha, which probed allegations of corruption at the local council. The Wagga Wagga MP resigned from the Berejiklian government after giving evidence, before succumbing to pressure and quitting parliament altogether. ICAC opened a further probe into Maguire, exposing his secret romantic relationship with Ms Berejiklian in 2020. She also stood down from her role and was later found by ICAC to have breached public trust in failing to disclose the relationship, spanning at least five years while she was transport minister, treasurer and then premier. Findings that Daryl Maguire misled a corruption probe about a $48 million property development sale can be revealed after the ex-Liberal MP lost a bid to suppress them. The former member for Wagga Wagga, whose clandestine relationship with ex-NSW premier Gladys Berejiklian led to her political downfall, appeared at Sydney's Downing Centre Courthouse for the verdict on Friday. Magistrate Clare Farnan ruled that Maguire misled the NSW Independent Commission Against Corruption while giving evidence during a hearing in July 2018. Immediately after handing down her decision, Maguire applied to suppress the finding. His barrister argued publicity about his guilt would prejudice a jury in an upcoming trial over an alleged visa fraud conspiracy expected to commence in September. The bid was opposed by the ABC and Nine but backed by federal prosecutors. Ms Farnan rejected Maguire's application. "The interests of the community in open justice is in my view not outweighed by Mr Maguire's interests," the magistrate said. The magistrate's reasons for determining Maguire's guilt are not yet clear after media and the former MP himself were caught in an administrative mix-up. Another court official on Friday adjourned the case to October only for the magistrate on another level to hand down her decision, without media present. At ICAC, Maguire was asked about what he expected to get out of the sale of an estimated $48 million property development in Campsie in Sydney's southwest. During the criminal hearing earlier in 2025, prosecutors claimed Maguire changed his evidence during questioning over claims he was not expected to be reimbursed. He will face a sentence hearing on August 15. ICAC grilled Maguire and others in 2018 under Operation Dasha, which probed allegations of corruption at the local council. The Wagga Wagga MP resigned from the Berejiklian government after giving evidence, before succumbing to pressure and quitting parliament altogether. ICAC opened a further probe into Maguire, exposing his secret romantic relationship with Ms Berejiklian in 2020. She also stood down from her role and was later found by ICAC to have breached public trust in failing to disclose the relationship, spanning at least five years while she was transport minister, treasurer and then premier. Findings that Daryl Maguire misled a corruption probe about a $48 million property development sale can be revealed after the ex-Liberal MP lost a bid to suppress them. The former member for Wagga Wagga, whose clandestine relationship with ex-NSW premier Gladys Berejiklian led to her political downfall, appeared at Sydney's Downing Centre Courthouse for the verdict on Friday. Magistrate Clare Farnan ruled that Maguire misled the NSW Independent Commission Against Corruption while giving evidence during a hearing in July 2018. Immediately after handing down her decision, Maguire applied to suppress the finding. His barrister argued publicity about his guilt would prejudice a jury in an upcoming trial over an alleged visa fraud conspiracy expected to commence in September. The bid was opposed by the ABC and Nine but backed by federal prosecutors. Ms Farnan rejected Maguire's application. "The interests of the community in open justice is in my view not outweighed by Mr Maguire's interests," the magistrate said. The magistrate's reasons for determining Maguire's guilt are not yet clear after media and the former MP himself were caught in an administrative mix-up. Another court official on Friday adjourned the case to October only for the magistrate on another level to hand down her decision, without media present. At ICAC, Maguire was asked about what he expected to get out of the sale of an estimated $48 million property development in Campsie in Sydney's southwest. During the criminal hearing earlier in 2025, prosecutors claimed Maguire changed his evidence during questioning over claims he was not expected to be reimbursed. He will face a sentence hearing on August 15. ICAC grilled Maguire and others in 2018 under Operation Dasha, which probed allegations of corruption at the local council. The Wagga Wagga MP resigned from the Berejiklian government after giving evidence, before succumbing to pressure and quitting parliament altogether. ICAC opened a further probe into Maguire, exposing his secret romantic relationship with Ms Berejiklian in 2020. She also stood down from her role and was later found by ICAC to have breached public trust in failing to disclose the relationship, spanning at least five years while she was transport minister, treasurer and then premier. Findings that Daryl Maguire misled a corruption probe about a $48 million property development sale can be revealed after the ex-Liberal MP lost a bid to suppress them. The former member for Wagga Wagga, whose clandestine relationship with ex-NSW premier Gladys Berejiklian led to her political downfall, appeared at Sydney's Downing Centre Courthouse for the verdict on Friday. Magistrate Clare Farnan ruled that Maguire misled the NSW Independent Commission Against Corruption while giving evidence during a hearing in July 2018. Immediately after handing down her decision, Maguire applied to suppress the finding. His barrister argued publicity about his guilt would prejudice a jury in an upcoming trial over an alleged visa fraud conspiracy expected to commence in September. The bid was opposed by the ABC and Nine but backed by federal prosecutors. Ms Farnan rejected Maguire's application. "The interests of the community in open justice is in my view not outweighed by Mr Maguire's interests," the magistrate said. The magistrate's reasons for determining Maguire's guilt are not yet clear after media and the former MP himself were caught in an administrative mix-up. Another court official on Friday adjourned the case to October only for the magistrate on another level to hand down her decision, without media present. At ICAC, Maguire was asked about what he expected to get out of the sale of an estimated $48 million property development in Campsie in Sydney's southwest. During the criminal hearing earlier in 2025, prosecutors claimed Maguire changed his evidence during questioning over claims he was not expected to be reimbursed. He will face a sentence hearing on August 15. ICAC grilled Maguire and others in 2018 under Operation Dasha, which probed allegations of corruption at the local council. The Wagga Wagga MP resigned from the Berejiklian government after giving evidence, before succumbing to pressure and quitting parliament altogether. ICAC opened a further probe into Maguire, exposing his secret romantic relationship with Ms Berejiklian in 2020. She also stood down from her role and was later found by ICAC to have breached public trust in failing to disclose the relationship, spanning at least five years while she was transport minister, treasurer and then premier.
