The Property Council of Australia today welcomed the NSW Government's announcement of a $75 million funding commitment to assist Western Sydney councils in delivering new infrastructure for key growth areas.
Property Council NSW Western Sydney Regional Director, Ross Grove, said the investment reflected the financial contribution made by the property industry toward providing growth-enabling infrastructure.
"This deployment of funds collected by the NSW Government from developers is a step in the right direction, particularly in helping address immediate infrastructure needs, but it's only the beginning," Mr Grove said.
"For Western Sydney to meet its housing and job creation targets, ongoing collaboration between government, industry, and councils is vital to create a sustainable and long-term infrastructure pipeline."
Mr Grove also noted the challenges posed by development costs and the need for more targeted support to stimulate housing delivery.
"While this funding is welcome, developers in Western Sydney continue to face significant cost burdens through high local infrastructure contributions and state taxes.
"It will also be important to ensure a smooth transition from the Special Infrastructure Contribution (SIC) framework to the new Housing and Productivity Contribution. Developers will need to know how they can bring forward infrastructure works-in-kind and how SIC credits will be treated where the cost of delivering infrastructure exceeds their state contributions liability." he said.
Mr Grove said the Property Council remains committed to working with all levels of government to ensure that Western Sydney becomes a region where infrastructure, housing, and job opportunities grow in tandem.
"Western Sydney is the key to NSW's future economic growth. This funding is a positive first step, but more comprehensive planning and investment are needed to realise the full potential of these growth areas," Mr Grove said.
