NSW returns to surplus earlier than expected 'Good news story': Treasurer Mike Baird. The surging Sydney property market has contributed to a turnaround of more than half a billion dollars in the state's finances, bringing the budget into surplus last financial year. Treasurer Mike Baird told parliament the actual budget result for 2012-13 was a $239 million surplus instead of the $374 million deficit announced in the June statement. He said stamp duty revenue had jumped by $198 million, but a decision by the federal government to bring forward $123 million in grants and a $50 million reduction in expenses also contributed to the result. Additionally, revenue was boosted by the lease of Port Botany and Port Kembla, which delivered a "one-off" $215 million in duty to the government. Mr Baird said the result was "a good news story for the people of NSW" but warned the state had "a long way to go." Last week the NSW government was warned there was a one-in-three chance it would lose its AAA credit rating in the next two years. Ratings agency Standard & Poor's said this was because of anticipated increased debt levels to fund infrastructure plans. On Tuesday Mr Baird said the government made "no apologies for undertaking an aggressive infrastructure program." He also defended the size of the $613 million revision for the 2012-13 result, arguing that revisions were "inevitable." "A revision of $613 million represents barely one per cent of the total Budget or less than four days' worth of spending," Mr Baird said. Last year Mr Baird was embarrassed when the auditor-general discovered a so-called "billion dollar blunder" in the state budget due to 37 errors by agencies. He has since enlisted the assistance of the auditor-general to prepare the budget.