Home Property Australia 2015 NSW Election Time to transform NSW

2015 NSW Election Time to transform NSW

  • April 01, 2015

2015 NSW Election – Time to transform NSW

The Property Council has congratulated Premier Mike Baird on the re-election of the Coalition Government – and has welcomed the opportunity to see key reform initiatives advanced.

With 70% of the vote counted, the Baird Government looks like it will hold at least 52 of the 93 seats in the Legislative Assembly, with a loss of around 13 seats and a state-wide swing of -9%. Labor will hold at least 32 seats and the Greens will hold at least three seats alongside two independents.

The cornerstone of their election campaign was the long-term partial lease of the electricity transmission network, known as the ‘poles and wires’. The Property Council has been a long-time supporter of this transaction, as it represents a significant opportunity for NSW to invest in much needed infrastructure to boost productivity in Sydney and across the State.

The poles and wires transaction is now a step closer, following the mandate of the election result. The outcome in the Legislative Council, the NSW Upper House, also indicates that the transaction will go ahead, as the Baird Government looks set to win 9 or even 10 seats to hold at least 21 of the 42 seats. In this scenario, the balance of power would be held by the Christian Democrats, who have indicated their willingness to support its passage contingent upon certain safeguards.

The Baird Government has committed to use this funding to invest in road and rail upgrades and new projects including WestConnex and the second harbour rail crossing. They have also announced plans to boost housing supply to meet demand and improve housing affordability.

Here is a summary of the key highlights.

 

Infrastructure

The Liberal National Coalition has committed $20 billion raised from the long-term partial lease of the electricity transmission network, known as the poles and wires. This $20 billion has been pledged to:

  • Build WestConnex – Australia’s biggest urban road project
  • Deliver the second harbour rail crossing
  • Fix the 32 most congested road corridors with $300 million funding
  • Fast-track the upgrades of the Pacific Highway
  • A social and affordable housing fund
  • A schools and hospital building fund – $2 billion
  • Regional infrastructure – $6 billion

 Planning and local government
  • Planning flew under the radar during the election campaign, with neither the Government or the Opposition willing to commit publicly to particularly policy outcomes. However, the Property Council will be quick to re-assert to government the need for reform.
  • Housing supply will receive a boost with the commitment that UrbanGrowth NSW with double the number of home sites unlocked from Government-owned land over the next four years to 20,000.
  • The bright light of the campaign was the bi-partisan support for the introduction of a Greater Sydney Commission. We will be providing advice to the Government on how best to shape this body to deliver the best outcomes for Sydney.
  • The Baird Government will proceed with its local government reform in the second half of 2015. The Fit for the Future plan seeks to professionalise and reduce the number of councils in metropolitan Sydney.

Regional Investment
  • The Illawarra will benefit from $5 million in funding to build the Albion Park Rail bypass with construction due to start in 2018.
  • A $17 million City Centre Grouting Fund has been announced to deal with the up-front cost of remediating mine subsidence affected sites in Newcastle.