NSW Treasurer Eric Roozendaal has denied $1 billion raised from the sale of NSW Lotteries will be used as an election war chest, saying the cash will go to frontline services and paying off State debt.
Mr Roozendaal announced on Tuesday that the State lottery company had been sold to Tatts Group Limited in a deal worth $1.01 billion, including a pre-sale payment by NSW Lotteries to the government of $160 million.
Tatts will pay the government $850 million for the purchase.
The opposition has said the money will be used as an election war chest in the lead-up to next year’s election.
“On the contrary, it’s about strengthening our balance sheet,” he said.
“We’ll be looking at funding frontline services – police, nurses, teachers – and in addition strengthening the state’s balance sheet.”