NSW Treasurer Daniel Mookhey has unveiled a budget focused on fiscal responsibility amid an $11.9 billion GST redistribution shortfall.

The budget will face consecutive deficits until 2027-28.

Key priorities include essential worker housing, increased fees for foreign-owned homes, and support for infrastructure projects like the Parramatta Light Rail.

The budget plans to reduce spending on consultants and contractors by $35 million annually.

Mookhey advocates for GST split reform, proposing a per capita distribution method.

Despite ongoing deficits, a $6 billion improvement is projected for 2024-25 and an $8.6 billion improvement from 2022-23 to a $1.5 billion deficit in 2027-28.

Housing crisis measures include pilot financing programs and build-to-rent homes.

Support for families during the cost-of-living crisis will be prioritized without resorting to austerity measures.