The Property Council of Australia has provided five key recommendations to the NSW government to ensure a strong economic recovery west of Sydney when restrictions ease.
In western Sydney, the real estate and construction sectors account for a staggering $ 19 billion in economic activity and 121,465 full-time equivalent jobs, but with COVID wreaking financial havoc, the recovery is vital.
Australian West Sydney Property Council director Ross Grove said he had five key recommendations for the NSW government to protect the future of West Sydney in the sequel to the recent $ 5 billion WestInvest fund as we recover from COVID.
âWest and South West Sydney are getting tough. Restrictions on movement, family ties, and artificially restricted employment options are driving many local families to breaking point – and as we emerge from the blockages, we need to make sure our economy bounces back as quickly as possible. Mr. Grove said.
“We welcome the $ 5 billion WestInvest Fund, but we need to have recommendations in place to ensure the money is spent wisely and not treated like an open checkbook.”
Mr Grove said we need to unlock the Northwest Growth Zone.
“We applaud the government of New South Wales for the continuation of the Accelerated Infrastructure Fund to continue the flow of infrastructure to the North West Growth Zone, covering parts of the local government areas of The Hills and of Blacktown, âhe said.
“We note that other growth opportunities are ‘on hold’ pending a review of floodplain management announced earlier this year. Once the review is complete, we encourage the government to adopt and implement all recommendations that would allow the development proposals to be pursued.
“This may mean that the NSW government has to make critical decisions regarding major infrastructure projects, including the route from Castlereagh Connection Motorway, the Tallawong to St Marys rail link and potentially the elevation of the Wall of the Warragamba dam. “
Mr Grove said opportunities abound to expand the NSW Government’s Communities Plus program to continue renewing the public housing stock in the region in partnership with the private sector.
âAs our city grows, it’s important to make sure that growth works for everyone and that we leave no one behind. Our region is home to several aging social housing estates that no longer meet the changing needs of social housing tenants as they once did.
âTelopea is experiencing a long-term transformation, where 600 aging social housing units will be transformed into a vibrant mixed community of over 1,000 social and affordable housing units and approximately 2,500 private housing units. With the light rail ready to deliver a Telopea with Parramatta, I’m particularly excited about the future of the suburb – we need more of this approach in other parts of western Sydney as well.
Mr Grove said delivery to business start-up centers in Liverpool, Blacktown, Penrith and Campbelltown was also important.
âIn 2017, the government of New South Wales announced the creation of the Sydney Startup Hub, providing common office space for new businesses above Wynyard Station to collaborate and get ideas off the ground. We understand that a similar model is being continued in the CBD of Parramatta and encourage its expansion to smaller office spaces in shopping malls in the region.
Mr Grove also encouraged the use of part of the WestInvest fund to advance delivery of Liverpool’s Fifteenth Avenue Intelligent Transport Corridor, providing a dedicated high-frequency bus link between Liverpool and the new airport.
âWith a fraction of the infrastructure spending, Liverpool has the potential to provide the same access to public transport at the new airport as the St Marys metro line,â he said.
âThis is a project that has progressed with the support of the Government of New South Wales and Liverpool City Council. With the proper funding put forward, its construction can be accelerated and will bring benefits long before the airport opens to the public.
Mr. Grove’s final recommendation was to increase funding for the government’s Community Building Partnership program to $ 1 million per state electorate in areas hardest hit by the closures.
âThe Community Building Partnership Program was introduced as a stimulus measure during the global financial crisis to ensure that small projects are carried out by community organizations across the state. It provides practical social and economic benefits to affected local communities, and the localized assessment ensures that funds are distributed efficiently for maximum benefit.
Source: Australia Real Estate Council