NSW 2022/23 budget: Key fiscal parameters

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NSW STATE BUDGET FOR 2022/23 - KEY FISCAL PARAMETERS

BUDGET POSITION:

2021/22 - $16.6 billion deficit, an improvement from $19.5b forecast in the December budget update

2022/23 - $11.3b deficit, a deterioration from $3.6b forecast in budget update

2023/24 - $2.8b deficit, a deterioration from $1.3b in budget update

2024/25 - $601 million surplus, an improvement from $449m in the budget update

2025/26 - $1.4b surplus (new)

NET DEBT:

2021/22 - $53.5 billion, lower than $58.1b forecast in the December budget update

2022/23 - $78.2b, broadly in line with $77.8b forecast in the budget update

2023/24 - $93.7b, higher from $92.1b forecast in budget update

2024/25 - $105.5b, higher from $103.0b forecast in budget update

2025/26 - $114.8b (new)

ECONOMY (per cent):

* Gross state product to rise by 4.25 pct in 2022/23, 2.75 pct in 2023/24, 2.5 pct in 2024/25 and 1.5 pct in 2025/26

* Unemployment rate of 3.75 pct in 2022/23, 3.5 pct in 2023/24 and 2024/25, then 3.75 pct in 2025/26

* Sydney consumer price index to rise to 5.5 pct in 2022/23 before falling back to 3.0 pct in 2023/24 and 2024/25, and 2.75 pct in 2025/26

CURRENT CREDIT RATINGS (current):

S&P Global - double-A-plus (downgraded from triple-A in December 2020 due to debt impact of the pandemic)

Moody's Investors Service - triple-A

Fitch Ratings - triple-A

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