NSW Budget 2018/19 to Lift Productivity and Attract Investment
19 Jun 2018
The NSW Budget paints a clear picture of the success of the NSW Government’s asset recycling strategy in delivering a record infrastructure spend designed to lift productivity and ensure the state remains an attractive economy.
“The 2018/19 Budget is effectively ‘bringing home the bacon’ for business and the community with a strong pipeline of projects that are designed to create a more efficient and productive economy,” said Patricia Forsythe, Executive Director of the Sydney Business Chamber.
“For business, nothing is more important than having the confidence to invest in plant and people and with more than $87 billion in capital works identified to 2021/22, the funds will translate to jobs in the construction phase and a more efficient economy once key projects are delivered,” Mrs Forsythe said.
“The creation of Restart NSW off the back of the asset recycling policy is delivering for the Sydney economy with a strong focus on new generation transport projects and road projects designed to cut the cost of congestion on the economy.
“It is no surprise that business investment is forecast to grow faster over the three forecast years than any time since 2008/09, because the logic of the Government’s approach to asset recycling has the backing of business,” she said.
Sydney Business Chamber, Western Sydney Director David Borger said he was pleased the Government included some of the region’s most needed projects in this Budget.
“The Sydney Metro West is one of the most significant projects in the entire state.
“The Western Line is bursting at the seams and is in need of some relief. The new underground metro connecting the Sydney CBD to Parramatta to Westmead, via Sydney Olympic Park, is a vital project that will better connect Western Sydney residents to jobs.”
Along with Metro West, the Budget includes $258 million to start construction of Parramatta Light Rail Stage 1 and $20 million for planning stage two of the project.
“It is good to see funding locked in for stage two of the Parramatta Light Rail as it will link Sydney Olympic Park to Parramatta and fix some of the connectivity and access issues of Olympic Park.”
Mr Borger said the $740 million allocated for Liverpool Hospital would see the area transformed into a leading health and innovation precinct.
“Liverpool is the gateway to Sydney’s south west and has massive potential but it needs some attention. Identified by the Greater Sydney Commission as an innovation precinct, Liverpool will be able to cultivate knowledge jobs and attract workers to the region.
“This investment will boost the precinct and will assist in shifting the needle on jobs.
“The focus on knowledge jobs in the Liverpool precinct is important in shifting the community perception of Western Sydney and will be a driver in attracting professional jobs to the whole region,” he said.
“Money allocated for the relocation of the Powerhouse Museum is welcomed as an important step in creating Parramatta as the Central City that is at the heart of Greater Sydney with a new iconic and world-class facility for the entire city,” Mr Borger said.