The NSW Government is turbocharging the NSW economy by investing $20 billion in infrastructure through its Rebuilding NSW plan.
Boosting the economy
Deloitte Access Economics examined the Rebuilding NSW Plan and found that the Plan will boost the economy by almost $300 billion in just over 20 years. The plan will also generate over 100,000 jobs by 2035/36.
Following the State Infrastructure Strategy's recommendations, the plan will reserve:
- An additional $1.1 billion to invest in the northern and southern extensions to WestConnex along with the Western Harbour Tunnel.
- An extra $7 billion for Sydney Metro, to fully fund a second harbour rail crossing.
- $2 billion for schools and hospitals.
- $4.1 billion for regional transport.
- $1 billion for regional water security.
- $300 million for regional tourism and the environment.
- More funds to Sports and Cultural infrastructure, up from $500 million to $1.2 billion.
Funding the Infrastructure Investment
This $20 billion investment in infrastructure is only possible by releasing capital locked up in the leased electricity network businesses (poles and wires). The funds released from the electricity networks will be added to by at least $2 billion from the Commonwealth asset recycling incentive scheme. The lease will ensure the investment can occur without risking NSW's Triple A credit rating, as required by the Fiscal Responsibility Act 2012.
For further information about the why the NSW Government is leasing part of the electricity network see the NSW Government Submission to the Electricity Network Leasing Inquiry or for further information about how parts of the NSW electricity network will be leased visit the NSW Treasury website.
Electricity Prices and Consumer Protection
Evidence collected by Rebuilding NSW demonstrates that:
- Private ownership has no adverse impact on electricity network prices - prices in Victoria are significantly lower than in NSW. Prices have risen considerably less in States where electricity networks are privately owned.
- Electricity network prices are regulated under national laws by the AER. Those rules apply regardless of ownership, and private owners cannot increase prices at their own discretion.
- Electricity network reliability in Victoria and South Australia is similar to NSW and has not deteriorated over the period of private ownership.
For further information about how the NSW Government is protecting consumer rights see the NSW Government Submission to the Electricity Network Leasing Inquiry.
The strategy’s update follows extensive consultation with the community to find out their views on the Rebuilding NSW Plan and the extra investment in infrastructure.
Community response was positive and provided valuable feedback. The Rebuilding NSW plan is better for stakeholder contributions.
Ministers' insights into Rebuilding NSW
Health Minister Jillian Skinner: how Rebuilding NSW will improve health services across NSW.
Former Transport Minister Gladys Berejiklian: how Rebuilding NSW benefits Sydney’s rail system.
Roads Minister Duncan Gay: how Rebuilding NSW fixes roads across NSW.
NSW Deputy Premier Troy Grant on how Rebuilding NSW will accelerate capital investment in regional areas.