NSW Premier Mike Baird today announced a major cash injection of more than $590 million to fast track delivery of big ticket transport, road, hospital, schools and cultural projects.
Mr Baird said $590.6 million will be allocated to bring forward construction of vital infrastructure projects ultimately making them happen faster.
“We are not waiting any longer - this money will get these projects underway or ready to go as soon as possible so the people of NSW can start seeing the benefits,” Mr Baird said.
“Whether it is busting congestion or providing brand new Metro train lines to reduce crowding on our public transport, these projects are really going to make a difference.
“We committed to undertake a long-term lease of 49 per cent of the electricity network and deliver on our Rebuilding NSW commitment to invest $20 billion in new infrastructure.
“These transactions won’t start taking place for many months, and we don’t have time to wait for the money to land, so that is why we are unlocking this funding early to get started.”
NSW Treasurer Gladys Berejiklian said the funding will allow faster economic assessments, detailed designs, and planning work so the NSW Government’s commitments are ready to proceed quickly once the electricity network transactions are finalised.
“By making this funding available, we are not wasting any time getting moving to deliver the improvements everyone is so keen to see,” Ms Berejiklian said.
“This acceleration funding in the NSW Budget will ensure our NSW infrastructure program is now in the fast lane.”
Minister for Transport and Infrastructure Andrew Constance said the investment will dramatically increase the pace of delivery.
“This is about hitting the ground running. Ultimately this money will mean everyone will see the benefits of landmark projects sooner,” Mr Constance said.
Transport and Road programs and projects receiving acceleration funding:
|Project / Program||Acceleration Funding (2015/16)|
|Sydney Metro (City & Southwest)||$50 million|
|Sydney’s Rail Future Stage 2||$36 million|
|Parramatta Light Rail||$19 million|
|Regional Road Freight Corridor||$16.5 million|
|Smart Motorways||$15 million|
|Western Harbour Tunnel||$13 million|
|Bus Rapid Transit||$10 million|
|Traffic Management Upgrades||$9 million|
|Bridges for the Bush||$7.35 million|
|Gateway to the South||$5 million|
|Pinch Points and Clearways||$4 million|
|Rail Corridor Protection||$1 million|
|Regional Growth Roads||$1 million|
An additional $22 million is allocated in 2015-16 for capital expenditure against the programs and projects listed above, bringing the total acceleration of funding in 2015-16 for transport projects to $208.85 million.
In addition, pledged hospital projects, new schools, roads and arts and cultural projects will also be boosted with acceleration funding to get them underway sooner.
|Initial development of road sector priorities in 2014-15||$16 million|
|New schools (Ballina, Parramatta, Inner Sydney)||$160 million|
|Regional Health Multipurpose Services (MPS) (Barham, Bonalbo, Molong, Walgett)||$76.7 million|
|Pacific Highway (Ourimbah to Glen Rd, Ourimbah)||$65 million|
|Mitchell Highway (Guanna Realignment)||$38 million|
|Newell Highway (Trewilga Realignment)||$27 million|
|Walsh Bay Arts Precinct||$11 million|
|Parramatta Powerhouse Museum relocation||$10 million|
|PROGRAM ACCELERATION - TOTAL||$590.6 million|