New $5 billion Westinvest Fund to rejuvenate Western Sydney communities and boost jobs
A new $5 billion investment by the NSW Government will help secure a brighter future for western and south-western Sydney families and residents, helping build new and improved facilities and local infrastructure to help communities hit hard by COVID-19.
Premier Gladys Berejiklian said the new WestInvest Fund would focus on projects that make a real difference to quality of life, help create jobs in the process, and change the face of Western Sydney for the better.
“The future of Western Sydney is bright and this announcement is a major first step along the road to recovery after a challenging year,” Ms Berejiklian said.
“This is about helping to rejuvenate local communities with improved parks, better open spaces, giving town centres a boost and providing opportunities to grow.”
The unprecedented boost was made possible by the State’s strong financial management and asset recycling strategy, with the NSW Government today announcing the sale of its residual 49 per cent stake in WestConnex for $11.1 billion.
The new WestInvest Fund will allocate $3 billion for future projects across six areas:
- Parks, urban spaces and green space;
- Enhancing community infrastructure such as local sporting grounds;
- Modernising local schools;
- Creating and enhancing arts and cultural facilities;
- Revitalising high-streets;
- Clearing local traffic.
The remaining $2 billion will be reserved for high priority projects to be developed in consultation with local communities.
NSW Treasurer Dominic Perrottet said the local infrastructure and facilities drive would create jobs at a critical time, as NSW begins its economic recovery from the second wave of the COVID-19 pandemic.
“Western and south-western Sydney is an economic powerhouse, but first and foremost there must be places where families can have a great quality of life – that’s what this investment will achieve,” Mr Perrottet said.
“No matter where you live, we want people to love living locally, and this investment will deliver better local facilities, open spaces and convenient services all close to home.
“This investment is just the first stage of our economic recovery strategy which the Government is currently developing for release in October.”
Minister for Jobs, Investment and Tourism and Western Sydney Stuart Ayres said the funding injection would be a game-changer and a catalyst for growth.
“The pandemic has hit Western Sydney hard, and highlighted important opportunities to deliver new facilities and amenities that will make life better for locals now and into the future,” Mr Ayres said.
“Sydney’s West is a rich mix of new and old, with a huge cross-section of cultures and people from all walks of life and this funding will help provide a big kick start as the region recovers.
“From school upgrades to sporting fields, and clearing traffic to making town-centres shine, we want to revitalise and renew the region for the benefit of everyone who calls it home.”