The NSW State Budget has invested more than $87 billion on an infrastructure pipeline over the next four years.
Funding for major road and public transport projects such as WestConnex, NorthConnex, the Sydney Metro and the F6 extension has also been acquired, with $3 billion being invested to begin the Metro West project.
The state government has also committed to the $4.2 billion Snowy Hydro Legacy Fund to continue investing in state-building projects and continue the legacy of the Snowy Hydro project.
NSW Treasurer Dominic Perrottet said the budget showcases the rock solid financial foundation of NSW.
“Strong fiscal management and our asset recycling plan have made it possible to restore our infrastructure to world class standards,” Mr Perrottet said.
Infrastructure Partnerships Australia Chief Executive Adrian Dwyer said the NSW Government has shown how to tackle the infrastructure backlog through asset recycling.
“NSW has struck the right infrastructure formula in this budget. A combination of asset recycling plus sustainable spending has delivered record infrastructure investment, stand out surpluses and strong triple-A credit rating,” Mr Dwyer said.
“This stuff is easy to say, but hard to do. The resource states like WA and Queensland must now look to the NSW playbook on Asset Recycling because the results are so compelling, and the opportunities are too big to ignore,” he said.
“This record infrastructure investment, stapled to the largest surplus in the country, surpluses over the forwards and an enviable economic outlook proves that being against asset recycling is now simply untenable,” Mr Dwyer said.