A new report released last Friday by Infrastructure Australia highlighted the benefits of safeguarding key transport corridors in New South Wales now rather than delaying and potentially facing higher costs in the future.
Entitled Corridor Protection: Planning and investing for the long term, the report outlines the social and economic benefits of protecting key transport corridors that are needed to meet NSW’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,” said Jane Fitzgerald, executive director of the NSW division of the Property Council of Australia. “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.”
The report highlights 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,” Fitzgerald said.
“Corridor protection provides certainty to industry and the community and avoids the social and economic challenges of compulsory acquisition or alternative action … 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.”
With Sydney’s population predicted to rise to approximately 8 million people by the mid-2050s, the demand for affordable homes, jobs, and recreational spaces will only grow. “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,” warned Fitzgerald.
Related stories:
Extra Funding Set Aside For Outer Sydney Orbital
Australia Needs A Major ‘Infrastructure Blitz’
