Western Sydney NSW Budget 2018–19 overview — What property investors need to know
finance-advice
1 minute read

Western Sydney NSW Budget 2018–19 overview — What property investors need to know

Western Sydney NSW Budget 2018–19 overview — What property investors need to know

by Sasha Karen | June 22, 2018 | 1 minute read

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.

Parramatta
June 22, 2018

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:
  • $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 WindsorWindsor, NSW Windsor, VIC Windsor, QLD 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 CampbelltownCampbelltown, NSW Campbelltown, SA 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 RichmondRichmond, SA Richmond, VIC Richmond, NSW Richmond, TAS Richmond, NSW.

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:

  • Funding for planning for new schools, which includes:
    • A new Edmonson Park High School;
    • A new Edmonson Park Public School; and
    • A new Westmead Primary School.
  • Funding for planning for school upgrades, which includes:
    • Liverpool Boys High School; and
    • Liverpool Girls High School.
  • • Funding to continue work on new schools, which includes:
    • Arthur Phillip High School;
    • Parramatta Public School;
    • Oran Park High School;
    • Jordan Springs Public School;
    • Bella Vista Public School;
    • North Kellyville Public School;
    • O’Connell Street Public School;
    • Hurlstone Agriculture High School;
    • Gledswood Hills Primary School;
    • Mainsbridge School; and
    • Yandelora School
  • Funding for upgrades at existing schools, which includes:
share the article

Subscribe to get the latest news and updates - join a community of over 80,000 property investors.

Check this box to receive podcast updates

From the web