Winner: Social housing

The government is making a $6.6 billion investment in what is being billed as the largest state-based investment in social housing in NSW history.

Of this, $5.1 billion will go to building 6,200 new homes and replacing 2,200 homes in disrepair.

Half of these new homes will go to women escaping domestic violence.

There will be $1 billion spent repairing 33,500 existing social homes.

The government has already announced that essential workers are being looked after this year with a $650.1 million injection of funding to house key workers like nurses, paramedics, teachers, allied health care workers, police officers and fire fighters.

This scheme will provide 400 homes for essential workers in Sydney and 500 for health workers in regional areas.

Neutral: Cost of living

NSW residents hoping for a cash injection to help with cost of living will be disappointed with this budget.

Last year, the government announced new $250 energy rebates, toll and daycare relief.

There are no new rebate measures in this year's budget.

This year, the scheme that saw eligible seniors, university students and apprentices in regional areas receive $250 prepaid travel cards will wind down.

Instead, Mr Mookhey will rely on a helping hand for GPs in the form of payroll tax rebates, with the expectation that bulk-billing GP appointments will be easier to find.

Winner: Housing supply

The government has promised to deliver 21,000 new homes by releasing surplus government land.

The homes will be built by a mixture of government agencies and the private sector. 

The government agencies will get first choice of the sites to deliver social, affordable and essential worker housing.

Other sites will be developed in partnership with the private sector but the government has not said how the sites will be allocated.

Forty-four sites have been identified.

Most are located in Sydney but the exact locations have not been revealed.

The government is also spending $520 million to speed up the planning system.

Councils will be incentivised to meet and beat their housing targets with a $200 million sweetener to help councils deliver roads, parks and community facilities.

Loser: Property investors

Land tax thresholds will be increased for the 2024 land tax year and then maintained at that level.

The halt in indexing will mean people who own investment properties and holiday homes will need to pay land tax once their property values exceed $1.075 million.

These measures are expected to deliver an additional $1.5 billion in budget revenue over the next four years.

Foreign investors will now have to pay a 9 per cent duty surcharge, up from 8 per cent, and a 5 per cent land tax surcharge, up from 4 per cent on residential properties.

These two measures will raise $188 million in additional revenue.

The new land tax threshold, together with a strong property market has delivered $4.1 billion more in revenue for transfer duty and $5.6 billion in land tax.

Winner: GPs and patients

The government is helping to increase bulk-billing for patients by continuing with a GP payroll tax rebate at clinics that meet a bulk-billing threshold.

Past unpaid payroll tax liabilities for GPs will also continue to be waived until September.

This will cost the budget $189 million and aims to reduce financial pressures on GP practices so they don't pass on additional costs to patients.

RACGP NSW and ACT chair Rebekah Hoffman welcomed the government exempting GPs from retrospective payroll tax.

"This gives GPs across NSW certainty that they can continue to operate and keep their doors open for patients, without fear of being hit with a huge tax bill that will shut them down."

Winner: Public transport

More than $22 billion has been allocated to building and improving public transport.

The centrepiece item announced earlier is $2 billion to Labor's election commitment to construct Stage 2 of the Parramatta light rail.

The 12-kilometre project will link the Parramatta CBD with Sydney Olympic Park, via Camellia, Rydalmere, Ermington, Melrose Park and Wentworth Point, with 14 new stops and three new river crossings.

The government will also invest $447 million to keep 55 Tangara trains on the tracks for 12 years longer than originally planned. The move is necessary to keep services running until a new fleet of trains is constructed.

Around $17 million has been set aside for the Future Fleet Program to revive the state's domestic train manufacturing industry.

Winner: Western Sydney Airport

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The new Western Sydney International Airport will get $1 billion for roads linking to the site at Badgerys Creek.

They include a four-lane upgrade to Elizabeth Drive, the next stage of construction on Mamre Road, and four lanes along part of Mulgoa Road.

More than $10 million will also be invested in Appin Road to build a stronger connection from Wollongong and the South Coast to Campbelltown and the Western Sydney airport precinct.

"Our investment in roads in this region, in lock-step with the Federal Government, will provide industry the assurance to co-invest and get development moving. We are transforming and building the roads and the jobs will follow," Mr Mookhey said.

Loser: GST revenue

As previously flagged, NSW will be $11.9 billion worse off owing to reduced Goods and Services Tax (GST) income.

Rather than 92 cents from every dollar of GST paid in the state, NSW will now only get 87 cents in the dollar.

Mr Mookhey said the Commonwealth Grant Commission's decision had cost NSW more lost revenue than the COVID-19 pandemic.

"For every dollar that Victoria will give to the smaller states next year, NSW will give upwards of four," he said in his budget speech.

He said the government would absorb the $11.9 billion hit to the bottom line, but it would lead to deficits over the four years of forward estimates.

Without the cut, treasury estimated NSW would have returned to surplus next year.

Neutral: Women

As in previous years, the budget includes a gender equality statement.

The government highlights several measures that proportionately benefit women, including $5.1 billion in social housing and $528 million for crisis accommodation and homelessness support services.

There is $245 million for domestic, family and sexual violence services, including $48 million for specialist workers and $45 million to improve bail laws and justice system responses.

The government has allocated $131 million for family support in the form of maternal and child health programs.

But there are no women-specific health packages or initiatives that directly address gender inequality, as there was in last year's budget.

These included programs to improve women's participation in the workforce, facilities to encourage women to play sport and more funding for breast cancer nurses and sexual assault nurse examiners.

The budget papers highlight that there is still an 11 per cent gender pay gap favour of men in NSW and a 6.2 per cent NSW public sector gender pay gap.

Winner: School students

The government has announced $8.9 billion in funding for building new schools and upgrading existing ones.

The government will spend $3.6 billion on schools in Western Sydney, though all apart from a new public school and high school at Box Hill have previously been announced.

More than 60 new schools are being delivered in Western Sydney.

Existing schools will benefit from $1.08 billion for maintenance, $200 million more than last year, including $600 million for school maintenance, $150 million for disability access and safety and $200 million for small upgrades and refurbishments.

Regional students will also benefit, with $1.4 billion allocated to building new and upgraded schools in regional areas.

To ensure regional schools have teachers, the Priority Recruitment Support Program will be expanded.

It allows regional schools with long-standing vacancies to offer a $20,000 recruitment bonus and a $8,000 relocation package.

Winner: Hospital patients

Hospital patients will benefit from $3.4 billion of spending on upgrading NSW's hospitals and health facilities.

Nearly $1 billion will go to rural and regional capital works projects, including in Eurobodalla, Temora, Moree, Cessnock and Shellharbour hospitals, with $265 million to Port Macquarie Hospital.

Nearly $48 million will go to the Ryde Hospital upgrade.

Around $480 million will be spent on easing pressure on emergency departments, by expanding access to virtual health delivered by Healthdirect, urgent care clinics and emergency department short-stay units.

NSW hospitals will also benefit from $274 million being spent on recruiting 250 healthcare workers for new and upgraded hospitals, including Prince of Wales, Tweed, Bowral, Sutherland, Wentworth, Cowra, Cooma, Glenn Innes and Griffith hospitals.

Health Minister Ryan Park said new hospitals needed staff to adequately run them.

"We need a fully staffed healthcare system that is responsive and well-resourced, because when we back in our health workers, we improve patient outcomes, and that's exactly what we're doing."

Winner: Flooded communities

The government is spending $3.3 billion to help communities affected by floods to recover by repairing local and state roads.

More than $630 million goes to delivering new and safe housing in the Northern Rivers and Central West, including $525 million to support voluntary buy-backs, raisings, repairs and retrofits.

There is also $207.3 million available for emergency responses, including more firefighters and $2.4 million for the state-wide Disaster Response Legal Service.