The NSW government will use the proceeds from its sale of the WestConnex highway to pay off debt, with only $ 800 million from privatization to go to its $ 5 billion COVID-19 recovery fund signature.
Most of the government’s spending on pandemic recovery is earmarked for western Sydney, where the government says it would divert $ 5 billion from the sale of the second stage of the motorway to help suburbs facing the toughest blocking measures from the Delta eruption .
However, the government has since confirmed that $ 11 billion from the sale will be used to repay debt, with only $ 800 million earned from the stamp duty on the sale to go to the WestInvest fund.
The $ 4.2 billion shortfall must come from other sources of revenue, including taxes, royalties, fees and taxes, asset recycling and borrowing.
When western Sydney was to be the battlefield in the state elections in 2023, the government set up the WestInvest Fund to upgrade schools, pools, sports facilities, public toilets and playgrounds.
Local museums, town halls, theaters and gallery spaces will also be given priority, just as projects to improve local traffic flow will be given priority.
The $ 5 billion fund will be the largest financial contribution to the state’s COVID-19 recovery plan.
Out of 15 local government areas in western Sydney that were to receive the funding package, 10 LGAs were concerned during the pandemic and subject to tighter restrictions such as curfews and training limits, including Campbelltown, Canterbury-Bankstown, Cumberland and Fairfield
Sir. Perrottet said the two separate transactions from the sale of WestConnex provided more than $ 20 billion in revenue to NSW.