NSW Opposition Leader Luke Foley has accused the Baird government of failing to insulate the state against a possible housing crash.
Mr Foley has also criticised NSW Treasurer Gladys Berejiklian for leaving fresh tax relief measures out of her debut budget, despite raking in record surpluses in 2014/15 and 2015/16, and predicting more to come across the forward estimates.
"The surplus is built solely on the rivers of gold from Sydney home-owners paying stamp duty, and when the housing market in Sydney comes off the boil - as it will - a deep deficit will follow," Mr Foley told reporters in Sydney on Tuesday.
"The time to repair the roof is when the sun is shining."
Ms Berejiklian's budget forecasts growth in stamp duties across the forward estimates to $8.6 billion in 2018/19.
Stamp duty receipts for this year are expected to come in at $7.3 billion, of which about 75 per cent is from the residential sector.
Mr Foley has repeatedly criticised the government for opposing the Australian Energy Regulator's recent determination for electricity networks, which was expected to slash household power bills.
He also argued during the pre-March election campaign that the government was understating the extent to which the lease would hit dividends.
Faced with budget papers that suggest a massive cut to state dividends in 2015/16 due to the AER's ruling - from $1.4 billion to $463 million - Mr Foley accused the government of "cooking the books when it comes to dividends".
NSW Premier Mike Baird dismissed Mr Foley's comments.
"If he had the chance he would boo Santa Claus," he told NSW parliament during question time.
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