Investment in local infrastructure is critical to support growth across the Sydney metropolitan area, however NSW Government support for local infrastructure will soon end and will be replaced by levies paid for by the homebuyer.
The announcement by NSW Minister Roberts of $90 million to fund infrastructure in Blacktown and The Hills is a welcome move to provide green spaces, local roads and bridges for these areas, but this funding must be ongoing across Sydney and not end in 2020.
“The NSW Government has committed $90 million from the Local Infrastructure Growth Scheme for two growing areas that require support, however the money is from a scheme scrapped in the 2017-18 budget and will cease to exist in 2020,” Property Council NSW Deputy Executive Director Cheryl Thomas said.
“The Local Infrastructure Growth Scheme should have been reinstated in the budget, the Scheme is a true cost of living measure that can alleviate the pressure on communities across the state and provide key local infrastructure for growing communities.”
“The gap in infrastructure funding this program leaves will be met by the homebuyer through higher local infrastructure levies, adding up to $80k to the price of a home.
“These levies are often higher in our city’s west where a majority of the growth is occurring, the levies increase the price of a home and create an equity divide between Sydney’s established communities and those that still developing.
“The Government should reintroduce the Local Infrastructure Growth Scheme and support the financing of local infrastructure across Sydney, reducing the levies on homes and bringing down the price of a home for Sydneysiders.”
Source: Property Council of Australia