We are investing in Australia’s largest road and rail infrastructure projects. The Sydney Metro, Australia’s largest rail project, is now fully funded at a cost of up to $12.5 billion and WestConnex, Australia’s largest road project at around $16.8 billion, receives $2.9 billion.
Over the next four years the NSW Government will invest a massive $41.5 billion on transport infrastructure, $5 billion on health infrastructure and $2.9 billion on education infrastructure projects.
Responsible financial management, targeting key in industry economic drivers and recycling of assets has supported NSW’s outstanding economic performance. NSW has close to zero net debt, over $3B in surpluses and control over expenses.
NSW is leading the nation in economic performance – our strong fiscal position has enabled NSW to keep its AAA credit rating – one of only two states in Australia to do so.
A massive $73.3B will be invested in infrastructure over the next four years as NSW gets on with building public transport, roads, new schools and hospitals.
Record investment in roads and transport infrastructure, including the Sydney Metro, WestConnex, Parramatta Light Rail, and major road upgrades across Western Sydney, will help ease congestion, reduce commute times that currently impact operational and transport costs and productivity.
The Sydney Metro network, when complete will span 65 kilometres from the North West Rail Link, travelling under the Sydney harbour and Sydney CBD to Bankstown.
Stage 1 - Sydney Metro North West, is expected to open in 2019 with a metro train every four minutes in the peak. Construction work on Stage 2 - Sydney Metro city & Southwest, is expected to start in 2017.
Sydney Metro will have the capacity to move 40,000 customers per hour with driverless trains running every four minutes in peak times. When completed, the Metro will increase capacity across the network by 60 per cent – great news for the congested Western Line where capacity can run at 130%.
Likewise WestConnex receives $2.9 billion in the budget and completes the missing link between M4 at Concord and the M5 at the airport. When complete, WestConnex will cut journey times for motorists travelling between Parramatta and Sydney Airport by up to 40 minutes, and bypass up to 52 sets of traffic lights. This project alone is expected to create more than 10,000 construction jobs.
We are building accessible and reliable roads and transport networks. These projects will deliver significant direct and indirect economic benefits from improved workplace participation and increased productivity as well as improved social outcomes. Congestion alone is estimated to cost NSW more than $5B dollars annually.
We are also upgrading hospitals and building new schools in Western Sydney.
We are investing $1.6B spending in health infrastructure in 2016-17 which includes $99.4M for the Westmead Hospital redevelopment and a new carpark. Additionally, $58.1M to continue construction of the Blacktown and Mount Druitt Hospitals for Stages 1 and 2
The budget invests $2.6B in education infrastructure over the next four years including construction of Australia’s first vertical public and high schools right in the heart of Parramatta’s CBD.
These schools will be the model for future inner-city schools where space is at a premium and demand is growing.
To quote, the NSW Premier Mike Baird: “When this government says it will build something we get on and build it - we have the billions of dollars set aside to deliver this transformational project for NSW.”
This is an impressive budget that sets up Western Sydney for future jobs and productivity growth. Record investments in roads and public transport, health and education infrastructure projects are important to ensuring our economy remains robust.
The Treasurer has delivered a budget that will deliver a strong, resilient economy that is well positioned to take on future fiscal challenges that may arise in coming years.
