As the New South Wales economy moves into recovery post-pandemic, billion dollar measures are being introduced into the budget, with a focus on housing and infrastructure.
To boost housing supply and improve affordability for homeowners:
- $780.4 million for a 2-year trial of a new Shared Equity Scheme. This will enable eligible buyers with a deposit of just 2% to access government contributions of 40%, in the case of newly constructed homes, or 30% in the case of established homes.
- $6 million for first home buyers purchasing a home of up to $1.5 million, to pay an annual property tax instead of upfront stamp duty.
- $300 million for a 3rd round of the Accelerated Infrastructure Fund, including $120 million for regional areas, to co-fund critical housing enabling infrastructure.
- $300 million for maintenance and upgrades to 15,800 social housing properties.
- $174m for 271 new homes for key workers in regional and remote NSW.
- $89 million to reduce planning and assessment timeframes.
- $73.5m for planning and rezoning in state led precincts.
- $37m for 120 social housing dwellings.
- $33.8m for Regional Housing Development.
To improve infrastructure:
- $12.4 billion for the Sydney Metro West, which will deliver a new underground, driverless Metro line.
- $8.4 billion for the Sydney Metro – Western Sydney Airport, which will deliver six new Metro stations to service the future Airport and the Western Sydney Aerotropolis.
- $5.1 billion for the Sydney Metro City and Southwest, which will deliver an extension of Sydney Metro Northwest from Chatswood, under Sydney Harbour, through new CBD stations and southwest to Bankstown.
- $4.1 billion for the Western Harbour Tunnel to deliver the first stage of tunnelling works for a new crossing of the Sydney Harbour, and continued planning for Beaches Link.
- $3.2 billion for the Great Western Highway Upgrade to reduce congestion and deliver safer and reliable journeys through the Blue Mountains.
- $2.3 billion for the M6 Extension Stage 1.
- $1.9 billion for Jervis Bay, to the Victorian border, to continue the transformation of the Princes Highway.
- $1.7 billion for the Warringah Freeway upgrades to surface roads, bridges and interchanges along about 4 kilometres of the freeway corridor.