Sydney Motorway Corporation is a private company limited by shares and established by the NSW Government in August 2014 under the Corporations Act 2001 (Cth) on behalf of the State.
Roads and Maritime Services commissioned Sydney Motorway Corporation to deliver and finance WestConnex, and retains a key assurance role on behalf of the NSW Government.
On 31 August 2018, the NSW Government announced a 51 per cent stake in Sydney Motorway Corporation was awarded to Sydney Transport Partners - a consortium led by Transurban. The NSW Government will retain a 49 per cent residual stake in SMC.
We are working closely together and with our industry partners to successfully deliver the project, on time and on budget.
|SYDNEY MOTORWAY CORPORATION (AND ITS SUBSIDIARIES)||ROADS AND MARITIME SERVICES|
|Project manage the delivery of WestConnex||Act on behalf of the Government, as the client and commissioning agency|
|Procure and manage contracts for the design, construction and operation of WestConnex||Manage concession arrangements on behalf of NSW Government|
|Finance WestConnex, including securing limited-recourse debt||Carry-out project development work for future WestConnex and other motorway projects|
|Deliver communication and stakeholder engagement activities and services including Ministerial liaison during planning, construction and operation||Act as proponent for planning approvals|
|Prepare planning approval documents||Acquire the property needed to build and operate WestConnex|
|-||Maintain responsibility for tolling policy (with Transport for NSW)|
|-||Provide advice and leadership on environmental policy and regulation |
The NSW and Federal governments have undertaken extensive planning and investigations to inform their investment in WestConnex. The updated Strategic Business Case released in November 2015 outlines a Benefit to Cost Ratio (BCR) of 1.88:1 meaning for every dollar invested in the delivery of the project, $1.88 will be returned to the NSW economy.
WestConnex will deliver a wide range of benefits, including valuable time savings for road users and productivity gains for freight and commercial operators both critical components of our growing NSW economy.
Our innovative financing approach involves partnering with the private sector to keep the cost to the NSW Government and taxpayers to a minimum. Under the current financing arrangements, government is contributing just a third of the total value of the project. On 12 May 2017, the NSW Government announced it would proceed with the sale of at least a 51 per cent stake in the Sydney Motorway Corporation to help fund the M4-M5 Link. On 31 August 2018, the NSW Government announced the 51 per cent majority stake in Sydney Motorway Corporation was awarded to Sydney Transport Partners.
The Government’s investment in constructing WestConnex will be returned when the project is sold, to be used on other critical infrastructure projects, including public transport.
Ultimately, people using the motorway and paying tolls will fund the project. Distance-based tolls apply on the new M4 between Parramatta and Homebush, as the project is open to traffic. Motorists will only pay for the section of motorway they use, and tolls will be capped. There will always be a free alternative route.
WestConnex comprises six individual projects each of which has been subject to an independent gateway assurance review process by Infrastructure NSW which then provided its recommendations to the NSW Government for consideration prior to granting approval to proceed.
The Strategic Business Case for the WestConnex program of work was prepared and assessed in 2013. An Executive Summary of the Business Case was publicly released at that time.
An Updated Strategic Business Case was published in November 2015, and was subject to an externally managed Business Case Gateway Review, as part of the Infrastructure Investor Assurance Framework.