The New South Wales government says nearly $190 million of “secret” program cuts by the previous Coalition government before the March election have caused more than a dozen grant programs to have funding cut or cancelled altogether.
A joint statement by Minister for Innovation, Science and Technology, Anoulack Chanthivong, and Special Minister of State, John Graham, said: “A total of $188 million was slashed from the Department of Enterprise, Investment and Trade's budget on 8 March 2023 as part of the pre-election budget update.”
Graham said, “We have inherited significant economic difficulties from the former government, including cut and underfunded programs.”
The cuts affect trade, innovation, tourism, and screen programs coordinated by Investment NSW, Destination NSW, and Create NSW including the Investment NSW Future Economy Fund and Small Business Innovation & Research Program.
The 2023 pre-election budget paper states $127.3 million of savings would come from reducing funding levels for Department of Enterprise, Investment and Trade from 2023/24 to 2025/16. The savings would come from existing programs and functions, which would be finalised in the 2023-24 budget.
The cuts laid out in the paper were $26m in 2023/24, $44m in 24/25, and $58m in 25/56.
Chanthivong said, “The extent of this mismanagement has been revealed today. We are facing a tough economic outlook and parting gifts like these from the former government only make it tougher.”
