Western Sydney NSW Budget 2018–19 overview — What property investors need to know
In the third part of our three-part coverage of the NSW budget, we take a look at the upcoming initiatives in Western Sydney that could raise the value of property investors’ portfolios.
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Delivered on Tuesday (19 June), the NSW budget for the 2018–19 financial year has a large assortment of new and continued initiatives that could raise the local economies of a number of suburbs in the Western Sydney region, but there was no mention of any measures that directly targets existing local investors.
Infrastructure:
In financial year 2018–19, the NSW government plans to spend at least $7.2 billion on infrastructure, which includes:
- $100 million to the planning and develop the final business case for the North-South Rail Link;
- $3.6 billion to the 10-year Western Sydney Infrastructure Plan, which includes:
- Widening Bringelly Road between Camden Valley Way and The Northern Road as well as providing better bus facilities, improved safety and more reliable travel times;
- Upgrading the Northern Road between Narellan and Penrith;
- The M12 Motorway linking the M7 Motorway to the upcoming Western Sydney Airport;
- o Upgrading the Great Western Highway intersection at Glenbrook; and
- o Widening the Smithfield Road to four lanes.
- $28.1 million to the Restart NSW reservation for Sydney Metro West to construct the next underground metro railway to connect the Sydney CBD and Greater Parramatta;
- $2.4 billion to the delivery of Sydney Metro Northwest;
- $258 million to the first stage of the Parramatta Light Rail;
- $20 million to planning for the second stage of the Parramatta Light Rail;
- Over $780 million to road infrastructure, which includes:
- $439 million from the Western Sydney Infrastructure Plan to road upgrades;
- $130 million to the M4 Smart Motorway;
- $21.5 million to the Windsor Bridge over the Hawkesbury River in Windsor;
- $19 million to start constructing the Jane Street and Mulgoa Road upgrade in Penrith;
- $22 million to upgrading Memorial Avenue from Old Windsor Road to Windsor Road;
- $26 million to the first stage upgrade of Campbelltown Road;
- $10.5 million to upgrading Mulgoa Road between Blaikie Road the M4 Motorway; and
- $7 million to the planning and business case for the New Hawkesbury River crossing at Richmond.
Cultural and social activities:
In financial year 2018–19, the NSW government plans to spend at least $387.8 million on cultural and social activities, which includes:
- Funding to the Western Sydney City Deal, which includes:
- $150 million to the Western Sydney Parkland City Liveability Program;
- $30 million to the Western Sydney Parkland City Housing package;
- $59.5 million to constructing the Western Sydney Centre of Innovation in Plant Sciences;
- $183.7 million to the Western Sydney Stadium;
- $240 million to relocating the Powerhouse Museum to Parramatta as well as expanding the storage at the Museum Discovery Centre;
- $24.5 million to the Parramatta Road Urban Amenity Improvement Program; and
- $5.6 million to continuing the Western Sydney Parklands park improvement program.
Health
In financial year 2018–19, the New South Wales government plans to spend at least $3.6 billion on health, which includes:
- $765 million to the first stage of the redevelopment of Westmead Hospital;
- $740 million to the Liverpool Health and Academic Precinct;
- $659.2 million to the first and second stages to the redevelopment of the Blacktown and Mount Druitt Hospital;
- $632 million to the second stage of the redevelopment of Campbelltown Hospital;
- $550 million to Nepean Hospital;
- $95 million to the first stage of the redevelopment at the Children’s Hospital in Westmead;
- $91.5 million to the Lidcombe forensic pathology and Coroner’s court;
- $72.3 million to the Westmead Hospital car park;
- $26 million to the Nepean Hospital car park; and
- $18.1 million to the Blacktown Hospital car park.
Education
In financial year 2018–19, the NSW government plans to spend on education, which includes: