Legislation introduced to unlock $20 billion in major infrastructure

NSW Premier Mike Baird today said the NSW Government was wasting no time getting on with the job of delivering its Rebuilding NSW plan to boost the economy, create jobs and build the infrastructure the State desperately needs.

“The legislation we have introduced today demonstrates just how keen we are to kick–start our plan to build roads, rail, hospitals and schools, new sports and cultural facilities, and vital water infrastructure in our regions,” he said.

“We have demonstrated that we are a Government that delivers – a government that does what is says it will do – and we want to get cracking on these initiatives that will make such a positive difference to our cities and our regions for decades to come.”

The Electricity Network Assets (Authorised Transactions) Bill 2015 and the Electricity Retained Interest Corporations Bill 2015 will allow the Government to proceed with its election commitment to undertake a long–term lease of 49 per cent of the electricity network and deliver on its mandate to invest $20 billion in new infrastructure.

The legislation includes a price guarantee for consumers, allows for the transfer of employees, and ensures the State’s interests are protected into the future.

NSW Treasurer Gladys Berejiklian said it was a privilege to introduce bills that would make such a profound difference to the lives of the people of NSW.

“The Rebuilding NSW plan will boost the economy by almost $300 billion in just over 20 years and create more than 120,000 new jobs,” Ms Berejiklian said.

“Leasing a share in the state's electricity businesses means billions can be invested upfront to improve the quality of life of every person in this State.

“We have the support of experts, highly regarded commentators from all sides of the political aisle, and the backing of the community, as evidenced by the election result.”

The Bills will not be introduced in the Legislative Council until the Select Committee on the Leasing of Electricity Infrastructure has delivered its report.