NSW Treasurer announces drastic and 'ambitious' plans to slash costs

NSW Treasurer, Mike Baird, has revealed plans to slash costs by $8 billion in NSW over the next four years.

The proposals have been labelled as ‘ambitious’ and ‘difficult to achieve’ by the rating agency Standard and Poor’s.

Baird has warned of more cuts to come after also announcing the axing of 5000 public service jobs and $800 million worth of programme cuts in the O’Farrell government’s first budget, but said the full extent of the savings measures were yet to be revealed.  
'The important thing about these savings is that there will be more announcements to come … as part of the overall strategy,' he told a news conference.

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