Federal budget 2019: $100b infrastructure investment signals growth across Sydney
The importance of Infrastructure was weighted heavily in this year's federal budget, with the government announcing its investment in the sector will grow to $100 billion and include funding for roads, bridges, fast rail, freight and airports around Australia.
In his budget address, Treasurer John Frydenberg said “Cranes, hard hats and heavy machinery will be seen across the country”, signalling a promising outlook for the construction and development industry.
In NSW, a $90 billion infrastructure pipeline has been planned for the next four years, with an additional $7 billion to be received from the federal government for new projects. If the Coalition wins the upcoming federal election, the proposed funds would be injected into a number of projects across the city:
Significant investment in Western Sydney aligns with the Greater Sydney Commission’s long-term vision for a Metropolis of Three Cities: Western Parkland City, Central River City and Eastern Harbour City. The overarching aim of the Three Cities vision is to ensure the long-term liveability of Sydney, which is strained under rapid population growth.
Western Sydney as we know it is one of the fastest-growing populations in Australia, with Greater Sydney projected to grow to 8 million over the next 40 years and almost half of that population residing west of Parramatta.
Under the proposed plan, Western Parkland City would be a key area of investment, relying on the strength of the new international Western Sydney Airport and capitalising on the already-established centres of Liverpool, Greater Penrith and Campbelltown-Macarthur.
Splitting Greater Sydney into three distinct but connected metropolises is expected to help rebalance economic and social opportunities and foster better communities, resulting in more jobs and more affordable home ownership opportunities.
Better-connected rail networks and transport nodes would also enable convenient access (30 minutes or less) to metropolitan centres, while ongoing infrastructure developments would drive sustainable growth in line with new homes and jobs.
The Greater Sydney Commission’s plan is designed to build on Sydney’s social, economic and environmental assets to improve the quality of life for all its residents over the long term. However, whether or not the government’s promised infrastructure spending comes to fruition this year will depend on the outcome of the federal election in May.