Pressure on rail network needs relief through new investment

Pressure on rail network needs relief through new investmentNew figures showing Sydney’s rail network is under strain are no surprise and make the case for unlocking funds to build major new projects, according to the Property Council of Australia. The Property Council’s own major commercial office, retail, industrial, hotel, retirement living assets and develop residential projects across Sydney. The Property Council’s NSW Executive Director Glenn Byres said asset recycling will help pay for new projects that can lift capacity across the network. “Sydney needs to get ahead of the congestion curve through investment in new rail projects that add to the efficiency and capacity of the system,” Mr Byres said. “But the cost of projects like a second harbour crossing and other improvements to the rail network is expensive – and will struggle to be funded within existing budget constraints. “Creating a substantial new pool of funds by unlocking value tied up in the State’s poles and wires is the most obvious solution and should be progressed. “New rail projects will make it easier for people to get to and from work, connect markets across the city and make Sydney a more productive and liveable place. “We can’t afford to continue deferring investment when asset recycling will produce the funds needed to start work on the next generation of major projects.” Media contact: Glenn Byres, Executive Director New South Wales: 0419 695 435