Shaping Sydney: The NSW state budget spending numbers to know

Many numbers have been thrown around since the announcement of the budget, including changes to first home buyer grants and who can access the new build grant across the state.

However, there were also many decisions made that affect the physical future of Sydney and its surrounds that investors in Sydney will want to know about.

WESTERN SYDNEY

$83 million

Committed funds from the Department of Planning & Environment to support new homes in Western Sydney. Expected to be the region accounting for almost half of Sydney’s growth in the next two decades.

$60 million

Provided to Western Sydney councils to deliver the infrastructure to support the new housing development. Committed under the Local Infrastructure Growth Scheme.

$13 million Provided for infrastructure in Western Sydney Growth Centres under the Special Infrastructure Contributions.

$166 million

Key infrastructure upgrades to support Western Sydney and other areas (part of the $483 million Housing Acceleration Fund).

KEY QUOTES:

“The $60 million being provided this year through the Local Infrastructure Growth Scheme will help new homeowners in Western Sydney by funding the cost gap between contributions from developers and actual costs for council-delivered infrastructure for new housing development.” (Minister for Planning Pru Goward)

“This allows councils to deliver local infrastructure at the same time as new homes are built, keeping home prices down and helping boost supply by easing the pinch points which can slow new housing development.” (Minister for Planning Pru Goward)

NORTH WEST SYDNEY

$40 million

For the next two stages of the Schofields Road upgrade. Will support approximately 10,450 new homes in the North West Growth Centre. (Included in the $166 million allocation)

$30 million

For the next two stages of Richmond Road. Will support approximately 16,200 new homes in the North West Growth Centre. (Included in the $166 million allocation)

SYDNEY CITY

$43 million

Provided through the Sydney Harbour Foreshore Authority to develop the Sydney International Convention, Exhibition and Entertainment Precinct.

$25 million

Provided through the Sydney Harbour Foreshore Authority for a number of cultural heritage improvements, including public domain in The Rocks and Darling Harbour, constructing pedestrian and cycle network opening up Railway Square to Darling Harbour (to be known as The Goods Line).

GENERAL ALLOCATIONS

$12 million

In grants to local authorities to upgrade local infrastructure and create urban environments within specific Urban Activation Precincts. To be followed up with $24 million in 2015/2016 for phase one, and $50 million over 2015/2016 and 2016/2017.

$22 million

To make planning simpler, these funds have been committed to roll out ePlanning ($8.5 million was invested in 2013/2014 for this). It will allow you to lodge DAs online and view information in a map-based format.

KEY QUOTES:

“Just as smart phones and apps have completely changed the way we live and work, so too ePlanning will transform the way families and businesses will interact with the planning system in NSW.

“Components will be brought online in stages over the coming year, and when fully functional in 2015 users will be able to see the full suite of planning policies and regulations that apply to individual lots.

“The impact this will have on those considering a property purchase, a renovation or build will be enormous, reducing hours of paper-based work to literally minutes spent online.” (Minister for Planning Pru Goward)

The Urban Taskforce has noted confidence in the anticipated infrastructure, noting some of their highlights include these two:

$400 million towards the Parramatta light rail.

$265 million of CBD and South East light rail funding.
“There is no funding allocated for the recently announced Greater Sydney Commission although the $11 million allocated to planning reform could help set this up. Funding continues for the Planning Assessment Commission and the Joint Regional Planning Panels at $8.5 million so they presumably continue within the framework of the proposed Commission,” said Urban Tasforce CEO Chris Johnson.

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