NSW Govt drowning in debt despite state-wide job cuts
IT SEEMS even thousands of job cuts and a spare billion dollars won't save the NSW budget from remaining the red.
Following the release of the mid-year budget review this week, Treasurer Mike Baird announced the state budget would not recover as quickly as expected - in fact the forecast of a $289million surplus is now predicted to be a $423million deficit.
He blamed a drop in federal revenue and mining royalties and ongoing global economic certainty.
He also announced number cruncher Maryanne Mrakovcic had been brought in to help clean up the budget forecasting mess which resulted in auditor-general finding the State Government was $1billion better off than Mr Baird believed when the budget was handed down in June.