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NSW Budget commits to infrastructure investment
The NSW Government has opened up a number of infrastructure projects to further private-public partnerships in a long-term infrastructure funding initiative contained in the State Budget.
It has announced that the WestConnex project and the North West Rail Link will both progress to delivery amongst a number of other major transport, health, housing and water initiatives.
Infrastructure Partnerships Australia (IPA) said this showed that the state's "infrastructure paralysis" had passed.
"Over the forward estimates, NSW is cutting expenses and selling assets to boost the state's infrastructure spend by circa 25 per cent over the next four years," IPA chief executive Brendan Lyon said.
"This is all the more impressive, given withering state revenues and the Federal Government's substantial fall in investment, which more than halves from around $2 billion in 2014, to less than $900 million in 2016."
It said the Government's funding approach to Westconnex — which involved borrowing against toll revenues and progressively selling down the company to private investors — was a smart, tailored approach.
The Budget also acknowledged the better than expected proceeds of the long-term lease of Port Botany and Port Kembla to Industry Funds Management, which has helped buoy its Resources for Regions initiative by $120 million this year.
The program grants funding to communities that are experiencing unique direct and indirect pressures on their infrastructure as a result of mining.
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