NSW Government confirms funding strategy to deliver WestConnex
16 Aug 2017
The NSW Government today confirmed it will pursue the sale of a 51 per cent stake in Sydney Motorway Corporation (SMC) to help fund the final stage of WestConnex.
Treasurer Dominic Perrottet said the Government’s sale strategy was informed by extensive market sounding and analysis by NSW Treasury, and would ensure a competitive tender process that will deliver the best value for the people of NSW.
“WestConnex is Australia’s largest infrastructure project – it will do for Western Sydney what the Sydney Harbour Bridge did for the North Shore 85 years ago, and this is our plan to make it a reality,” Mr Perrottet said.
“Selling a 51 per cent stake in SMC will unlock existing value to help fund the M4-M5 Link project, getting it built sooner, but it also means the people of NSW will continue to benefit from the growth in the value of the Government’s ongoing shareholding.
“In the coming months, the Government will formally launch a competitive process with a call for parties to register their interest in the sale.”
The transaction will not affect the WestConnex tolling plan announced in 2013.
Minister for WestConnex Stuart Ayres said the motorway project forms part of an infrastructure pipeline that creates jobs and drives economic growth.
“The first section of WestConnex – the widened New M4 – is already open, tunnelling is progressing at pace on both the New M4 and New M5 tunnels and planning is well underway for the M4-M5 Link,” Mr Ayres said.
“We are building an integrated roads and transport system to make it easier for people to get around no matter where they live.”
Once WestConnex is complete in 2023, motorists will be able to travel from Penrith to the Western edge of the CBD without stopping at a single traffic light.