Tuesday 18 June 2024
MEDIA RELEASE
NSW Budget delivers roads needed to unlock jobs and drive housing in Western Sydney
The 2024-25 NSW Budget represents the best opportunity in a generation to open Western Sydney to the world, with more than $1 billion for roads connecting people and communities with the new International Airport and supporting employment lands.
Property Council of Australia Western Sydney Director Ross Grove said additional funding and better infrastructure coordination would help to drive the development of employment lands across Mamre Road and the Western Sydney Aerotropolis.
“Today’s budget makes four-year forward allocations of $661 million for the upgrade of Elizabeth Drive and $605.5 million for the Stage 2 upgrade of Mamre Road. These roads are critical to enabling investment in Western Sydney’s future employment lands,” Mr Grove said.
“Coordinating infrastructure has been one of the biggest challenges for the Aerotropolis, and it’s great to see Government has heard the Property Council’s call to get the roads funded and promote stronger alignment across government agencies.
“The Government’s $2 billion commitment to progress the second stage of the Parramatta Light Rail, $3.6 billion on school infrastructure in Western Sydney, and a further $24.7 million over four years on more bus services in Western Sydney is all fantastic news for a growing region,” Mr Grove said.
Mr Grove said the Budget news wasn’t all good, with the NSW property sector facing a massive $6.38 billion cost hike in the middle of a housing and construction crisis.
“The $4.7 billion cost shift of the Emergency Services Levy (ESL) from insurers to property owners, combined with a $1.68 billion stealth tax hike on land tax and foreign surcharges will cripple the sector’s potential to deliver urgently needed housing.
“It’s a massive cost for property owners and developers facing a once-in-a-generation housing supply and affordability crisis, a critical shortage of industrial land and low vacancy rates, and an already challenging development cost environment.
“While the government’s record investment in social housing must be applauded, these additional costs add to the pressures facing the property and construction industry. Now is not the time to increase property costs or cut off access to vital investment in housing,” Mr Grove said.
Key funding commitments for Western Sydney:
- $5.2 billion for better roads in Western Sydney to accommodate population growth and employment growth
- $13.4 billion for Sydney Metro West – connecting Greater Parramatta with the Sydney CBD
- $5.5 billion for the new Sydney Airport Metro – connecting the new Airport to St Marys
- $2.1 billion for Parramatta Light Rail Stage 2 – linking Parramatta to Olympic Park across 14 new stops
- $7.2 billion for schools and hospitals across Western Sydney
- $137.9 million to support the delivery of up to 6,000 homes to be built in areas including Greater Macarthur. Greater Penrith, Eastern Creek, and the Western Sydney Aerotropolis, by continuing conservation activities under the Cumberland Conservation plan
- New dedicated bus services connecting Blacktown, Camden, Campbelltown, Fairfield, Liverpool and Penrith to the new Western Sydney Airport
- $24.7 million for better bus services across Western Sydney
ENDS
Media contact: Ross Grove | 0412 897 130 | [email protected]