AAP General News (Australia)
04-27-2011
NSW:$5.2bn 'black hole' in NSW budget
SYDNEY, April 27 AAP - An audit of NSW's public finances is set to reveal the situation
is worse than first thought.
The coalition government carried out an appraisal of the budget after winning the state
election on March 26. That revealed a $4.5 billion shortfall.
However the amount has risen to $5.2 billion, an audit by acting Treasury Secretary
Michael Lambert, due to be released on Wednesday, will reveal.
The Solar Bonus Scheme, which pays householders for feeding solar energy back into
the grid, is being blamed for the additional $700 million blowout.
Labor attempted to "hide" the overall shortfall by directing the state Treasury to
bring forward hundreds of millions of dollars from rail grants, News Ltd reported.
"The black hole that Labor has left ... has now blown out to around $5.2 billion,"
NSW Premier Barry O'Farrell was quoted as saying.
"And I fear it could grow even further as we continue to review other financial issues."
AAP mdg/msk
KEYWORD: FINANCES NSW
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