NSW Budget Deficit Blows out by $1.3Bn Over Two Years

NSW Premier Dominic Perrottet speaks to the media during a press conference at the State Emergency Operations Centre in Sydney Olympic Park, Sydney, Australia, on Nov. 15, 2022. AAP Image/Bianca De Marchi

The New South Wales (NSW) deficit is expected to worsen by $1.3 billion over this financial year and the next after Treasury downgraded its projections for the budget in a pre-election update.

The update, coming ahead of the March 25 poll, shows the estimated deficit for 2022/23 has grown by $668 million (US$440 million) to $12.03 billion since the last update in February.