WestConnex proceeds must fund Western Sydney infrastructure
06 Mar 2020
The Western Sydney Business Chamber has called on the NSW Government to commit all proceeds from the remaining 49% stake in WestConnex into the expansion of Western Sydney infrastructure including Sydney Metro West and Parramatta Light Rail Stage 2.
“The NSW Government’s ‘asset recycling’ has been very successful in freeing up billions of dollars to be reinvested in vital new infrastructure in Sydney and NSW but we’ve only just made a small dent in the backlog of projects we need to have delivered,” said David Borger, Executive Director of the Western Sydney Business Chamber.
“Western Sydney continues to need billions of dollars in more investment to ensure that our city will function effectively into the 21st century. We’ve seen that public transport demand is growing at such a fast rate that it threatens to overwhelm the T1 Western Line by the early 2030s if not sooner.
“Selling the NSW Government’s minority stake in WestConnex makes sense and will provide several billion dollars than can be invested in projects such as Sydney Metro West and Parramatta Light Rail Stage 2.”
Mr Borger said the business community had become concerned about the future of projects such as Sydney Metro West that has seen its finish date slip from 2028 to “by 2030” and the Parramatta Light Rail Stage 2 languishing as an “investment decision”.
“The Sydney CBD has done very well out of ‘asset recycling’ with a new metro rail line being constructed through the City as we speak but Western Sydney continues to wait with the ‘coming soon’ signs,” Mr Borger said.
“The NSW Government’s Future Transport Strategy has several new metro rail lines stretching across Western Sydney that need to be funded and the sooner we get on with freeing up the cash we need, the sooner we can start building the projects that will change our Sydneysiders get around our city and finally opens up the full potential of Western Sydney.”