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$590m for NSW infrastructure

The New South Wales 2015-16 budget includes a cash injection of more than $590 million to fast track the delivery of big ticket infrastructure projects.

While the proceeds of the state’s 49 per cent electricity network lease is not included in this year’s budget, the $590.6 million in new funding is aimed at ensuring that the projects are “shovel ready” when the transaction goes ahead.

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The Government plans to invest $20 billion in infrastructure as a result of the lease, but Treasurer Gladys Berejiklian said the transactions will not be taking place for many months.

The infrastructure funding announced in today’s budget is aimed at allowing faster economic assessments, detailed designs and planning work so the projects can proceed quickly when the electricity transactions are finalised.

Acceleration funding will be provided to a range of transport and road programs, including:

• Sydney Metro (City and South-west): $50 million
• Parramatta Light Rail: $19 million
• Regional Road Freight Corridor: $16.5 million
• Western Harbour Tunnel: $13 million

The Government has also announced a new underground railway station at the Barangaroo development in Sydney, which is part of the Sydney Metro development.

There will be $84 million spent to continue planning the project, including a second harbour rail crossing.

Transport Minister Andrew Constance said the new Barangaroo railway station would support an $8 billion “economic catchment” within a 10-minute walk of the station.

A working group will be formed including the Department of Premier and Cabinet, Transport for NSW, the Barangaroo Delivery Authority and Treasury to plan issues such as station location, design and configuration.

The budget also included funding to plan new schools in Parramatta, inner-Sydney and Ballina on the New South Wales north coast, and $11 million has been allocated towards the Walsh Bay Arts Precinct in Sydney.

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