Protecting transport corridors now could save NSW billions
A new report released today by Infrastructure Australia highlights the benefits for NSW of protecting key transport corridors now rather than waiting and facing higher costs in the future.
The new report, Corridor Protection, outlines the social and economic benefits of protecting key transport corridors that are needed to meet our State’s future growth.
“The report shows that NSW could save over $5 billion at discounted rates if the State Government protects the Outer Sydney Orbital, the Western Sydney Rail and the Western Sydney Freight Line corridors now, rather than waiting - these are huge savings,” Property Council NSW Executive Director Jane Fitzgerald said today.
“If we do not protect these corridors now, the overall cost for each project increases by between 40 and 110 per cent, money that could be spent in other important areas for the community and to encourage further investment.
“This report highlights in black and white the benefits of long term strategic planning that integrates transport and land development. In a growing city like Sydney where major infrastructure investment, such as Western Sydney Airport, is encouraging development and increasing land values, corridor protection is critical.
“Corridor protection provides certainty to industry and the community and avoids the social and economic challenges of compulsory acquisition or alternative action – for instance, if we do not protect the Outer Sydney Orbital now and have to tunnel under houses and businesses in the future, the cost increases by over $3.5 billion.
“Savings on infrastructure means savings for the community – the increased cost for infrastructure is recouped by the Government through levies and taxes that increase the cost of housing and the cost of doing business in NSW.
“Sydney’s population is predicted to rise to around 8 million people by the mid-2050s and these people will need affordable homes, jobs and recreational spaces; without strong guidance from the government on where key transport routes will need to be built, unnecessary financial pressure will be placed on the community and future investment.”