Yahoo Finance What NSW Labor government means for you
Labor leader Chris Minns won the NSW state election over the weekend. This is what you can expect.
Labor leader Chris Minns won the NSW state election over the weekend after many promises were made on each side in the lead up to election day.
So, what does the new Labor government mean for Aussies struggling with the cost-of-living crisis, housing affordability and low wages?
Here’s a quick rundown of some of what we should expect from the new government.
Also read: What Labor’s win means for your taxes
Also read: Super home loan scheme ditched: Here's Labor's plan
Low wages
Minns promised to scrap the public sector wages cap, meaning it would be easier to increase pay for nurses, teachers, paramedics etc.
Currently, there is a 3 per cent cap on wage increases for public sector workers in New South Wales.
He also promised to establish a NSW Business Bureau and Charter for Small Business to support small businesses in the state.
Housing affordability
Minns promised to establish a Rental Commissioner to advocate for renters. He also promised to allow renters to transfer rental bonds from one property directly to another and outlaw secret rental bidding. Minns said his government would also list reasonable grounds for owners to end a lease to stop unfair evictions.
For those looking to purchase their first home, Minns said he would abolish stamp duty for first home buyers up to $800,000 - currently there is no stamp duty for purchases under $600,000, and reduced stamp duty for homes up to $800,000.
Toll caps to relieve cost of living
Minns promised to introduce a weekly $60 cap on road tolls. This could save motorists thousands of dollars.
On top of that Minns said he was planning to appoint former Australian Competition and Consumer Commission (ACCC) chair Allan Fels to overhaul the state’s toll network and return revenue from the Sydney Harbour Tunnel and Bridge in toll relief.
Tolls would also be reduced for trucks and large vehicles and administration fees for those who don’t have an e-tag would be ditched.
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