The New South Wales Government has announced record investment into the state’s infrastructure, in a bid to offset a weakened economy.
Committing $93 billion across the next four years, the government’s infrastructure spending will grow the state’s economy at a rate five times that of historical averages. The state’s net worth is projected to reach $311 billion by 2023.
$55.6 billion of the total spend is dedicated to road and transport projects, with further funds allocated to major projects already underway such as WestConnex and Metro City.
“We are delivering what the people of NSW deserve – world-class services, record infrastructure, and help for those in need, while at the same time laying the foundations for a future filled with opportunity for all,” said Treasurer Dominic Perrottet.
Perrottet also brought forward the West Metro underground railway project, which will connect the Sydney CBD with Parramatta in the north-west. Construction is scheduled to begin next year, with $6.4 billion allocated to accelerate the delivery of works.
“This commitment in the State Budget shows that when we commit to doing something, we mean business,” said NSW Transport Minister, Andrew Constance. “We have worked our guts out to get the budget in a strong position and now we are able to deliver crucial rail projects like Metro West quicker than anyone thought was possible.”
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Other projects receiving funding include the education sector, with $7.3 billion allocated for new schools and upgrade works, and the health sector, set to receive $10.1 billion.
Property Council NSW deputy executive William Power said that the government’s decision not to increase taxes was a good sign for the residential market.
“A commitment to a long-term strategy for new sectors such as build-to-rent will also ensure there is counter-cyclical investment in the residential sector, further strengthening revenue streams.”
The government will also offer 100,000 fee-free TAFE courses, after delivering a similar number of free apprenticeships last year, in a bid to bolster the prospective workforce.
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