Billions of dollars are being earmarked by the state government for two key projects in this year’s budget. Sydney’s road and rail building will get bigger due to the unexpected windfall. State-owned assets were sold to fast track a second Harbour tunnel crossing and the new M6 motorway located south of Sydney.
At least $10 billion is expected to be earned from the sale of Land and Property Information Service and Endeavor Energy. It is understood that Transport Minister Andrew Constance is for pushing for the completion date of the Western Metro rail link so that it can be completed on 2025 instead of 2030. That will be 5 years ahead of schedule.
Government sources say that funds coming from planned privatizations will pave the way for more infrastructure projects that have gained government support but lacked adequate funding. If more funds are available, there will be more opportunities to deliver roads, transport, schools and hospitals for the people of the state.
According to Premier Gladys Berejiklian, it would be rather inappropriate to speculate on the proceeds that will be generated through the asset recycling transactions because they are still underway but at least $1.5 billion net is expected from the sale of the Land and Property Information Service. The proceeds have already been earmarked for the building of a stadium and development. On the other hand, the figures may even be higher than expected.
S16 billion was received by the government from the sale of Ausgrid and $10 billion from Transgrid. Another windfall is expected from the privatization of 50% of Endeavor Energy.
The planned second Harbour tunnel that will connect new WestConnex motorway at Rozelle and cross underneath the Sydney harbour was priced at $4.5 billion in 2014. Sales proceeds will allow the government to commit more funds towards development of infrastructures.
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