Record $13.9 billion Infrastructure Investment
3 June 2008
NSW Treasurer Michael Costa said the Budget invested heavily in new infrastructure with a record $13.9 billion capital works budget in 2008-09 and $57.6 billion over the next four years.
The Government's record capital works will see the value of NSW's physical assets increase from $189 billion in June 2008 to $229 billion by June 2012.
Infrastructure spending in 2008-09 includes $3.5 billion on Electricity, $2.2 billion on Water, $1.8 billion on Transport, $2.2 billion on Roads, $784 million on health and $735 million on Education.
"Infrastructure investment in 2008-09 is 11 per cent higher than the 2007-08 Budget, part of a record capital spend over the next four years of $57.6 billion - the largest capital expenditure program in Australian history.
"This is $21.2 billion or 58 per cent higher than the previous four year capital outlay.
"This record program will be partly funded by a responsible increase in net debt of $20.9 billion.
"Over the next four years capital expenditure by transport businesses will almost triple from $1.3 billion to $3.7 billion, driven by construction of the North West Metro, the South West Rail Link, major ports expansions, the continuation of Rail Clearways, and the acquisition of new rolling stock.
"$382 million is allocated this year for planning and land acquisition for the rail corridors for the North West Metro Rail Line and the South West Rail Link - the largest expansion of the metropolitan rail network since the 1930s.
"Over the next four years spending on these two projects alone will total $4.5 billion."
"Capital expenditure in the electricity sector will grow by more than 60 per cent over the next four years, largely because of increased investment by the network transmission and distribution businesses."
Mr Costa said expected capital investment over the coming decade - to be outlined in the State Infrastructure Strategy next week - would reach $140 billion.
"This record investment shows the Iemma Government is delivering on its commitment to improve on and build new infrastructure."
Major new infrastructure projects in the Budget include:
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the $12 billion North West Metro
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19 new school projects and 12 new TAFE projects, at a total cost of $246 million
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Almost 1,300 new units of public housing, community housing and crisis accommodation at a total cost of $201 million
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$65 million for the M5 East filtration project and $150 million on the Victoria Road upgrade
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$27 million towards the Lismore Integrated Cancer Centre and
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Riverstone Police Station and Lake Macquarie Area Local Command at a cost of $35 million.
Infrastructure spending in 2008-09 in non-commercial areas includes:
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$1.8 billion on Transport
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$2.2 billion on Roads
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$784 million on Health
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$735 million on Education and Training
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$569 million on Housing and
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$411 million on Law and Order
Infrastructure spending in 2008-09 in commercial areas includes:
