The hard numbers in last week's NSW state budget, coined the "record infrastructure" budget, show that NSW is building on an infrastructure boom that is leaving other states far, far behind.
In fact, the NSW infrastructure program continues to grow with a record $73.3 billion provided over the next four years for critical infrastructure in key service delivery areas. Comparably, the Federal Government has only made commitments of $50 billion, and spread over six years. NSW is getting close to 20 per cent of the federal infrastructure spend ($9.9 billion).
According to BusinessDay contributing editor Michael Pascoe,
"NSW – or at least Sydney – is entering a virtuous cycle of investment that promotes growth that enables investment that promotes growth.
"Other states would like to do more but are limited by lack of money, whether by not having a stamp duty windfall, through political opposition to "asset recycling" – more commonly known as privatisation – and/or by letting other spending get away from them."
Image: Herald Sun - Premier Mike Baird and Treasurer Gladys Berejiklian with Transport and Infrastructure Minister Andrew Constance on site at part of the Metro Northwest.
This record infrastructure program includes around:
- $41.5 billion for transport projects
- $4.5 billion for health projects
- $2.9 billion for education and training projects
- $4.7 billion for justice projects
- $6.0 billion for energy projects
- $3.7 billion for water and wastewater projects
- $2.4 billion for social housing
- funding for projects in other areas including sports, culture and family and community services
It's clear that for the foreseeable future, New South Wales will remain the envy of construction professionals across Australia.
To learn more about the budget boosts to transport projects, check out last week's full NSW budget 2016/17 roads and rails breakdown.