The New South Wales Labor government has handed down its first state budget since 2010 with Treasurer Daniel Mookhey announcing a $4 billion improvement over the forward estimates.
The deficit this year is expected to fall to $7.8 billion before a moderate surplus next year.
The NSW government is taking its first steps towards budget repair with budget papers showing a $15 billion reduction in the growth of gross debt over the next four years.
To achieve this, the budget forecasts that $4 billion more will be claimed in taxes with $13 billion to be cut from spending.
Mr Mookhey said there is “still more work to do” for the state to improve and repair its financial position.