The NSW Government has allocated $119.4 billion in funding toward its infrastructure over the next four years in its 2024-25 budget papers.
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Announced this week on June 18, the official papers from the Government labelled the infrastructure investment as necessary to rebuild essential services, drive new housing supply, and support the growth of existing communities through the Essential Infrastructure Plan.
Highlighting the budget’s investment in infrastructure is $62.9 billion allocated for transport projects, the highlights of which include $13.4 billion for the Sydney Metro project, $5.5 billion for the Sydney Metro West – Western Sydney Airport connection, and $4.2 billion for the Western Sydney Harbour Tunnel upgrade.
Furthermore, the budget also contains $6.1 billion for social housing, $13.4 billion for hospitals and health, $9.5 billion for schools and education, and $17.6 billion for infrastructure related to water entities.
“Today’s budget prioritises building better homes for NSW, to ensure we continue to address the housing crisis for renters, people wanting to enter the housing market, and the most vulnerable members of our community,” said a joint release from Premier Chris Minns and Treasurer Daniel Mookhey. “It is a Budget which prioritises building better communities for NSW, by ensuring the homes we build are well located, with access to transport infrastructure and essential services.”
The budget also pays due diligence to renewable energy and climate change, allocating $3.5 billion toward the delivery of clean energy projects as well as creating jobs in clean energy as the state looks to decarbonise its electricity grid. Additionally, the NSW Government announced it will be investing $128.5 million over two years to improve infrastructure from the Port of Newcastle to Renewable Energy Zones in Regional NSW to facilitate easier transportation of renewable energy components, such as blades, turbines, towers and batteries.
The Government’s full infrastructure papers can be read here.