NSW Premier Chris Minns distances Labor from Anthony Albanese as Treasurer Daniel Mookhey unveils debt cap

Key points

• NSW Labor is positioning itself as a responsible economic manager by pledging to cut state debt, in contrast with the federal Albanese government. Treasurer Daniel Mookhey has proposed capping net debt at 15 per cent of gross state product without privatising assets or imposing a wages cap on public servants.
• He said the state would keep the second-lowest debt of any state, behind Western Australia, and that all election promises could be judged against the plan.
• The government also intends to amend the Fiscal Responsibility Act, citing Sydney's high house prices and rising interest rates that squeeze household budgets.