Industry News

Regional NSW receives $4.2 billion funding injection from Snowy Hydro Legacy Fund

By:NSW ERKH. Date: Thursday, December 06, 2018.

Regional NSW receives $4.2 billion funding injection from Snowy Hydro Legacy Fund

This once-in-a-lifetime funding for regional NSW, is the latest of several major investments by the NSW Government to improve economic performance, connectivity and liveability in the regions outside of Sydney.

The Snowy Hydro Legacy Fund promises to transform the regions and wider NSW by investing in major infrastructure projects and priorities identified in the 20-Year Economic Vision for Regional NSW and other long-term government plans. 

The five areas of immediate focus will be improved water security, rail and road transport connections, freight linkages, digital connectivity and Special Activation Precincts to attract more industry investment in the regions. Business cases are being developed to identify projects in these five focus areas.

“These are big-picture projects that generations before us have dreamed of and generations that follow us will benefit from,” said Deputy Premier and Minister for Regional NSW John Barilaro. 

“Dams and pipelines are a key priority and work is already underway on water security projects to enable NSW to better manage our most precious resource.

“Creating special activation precincts to attract and grow businesses in regional NSW will underpin economic growth in regional NSW. Work is underway to build an inland port at Parkes as a special activation precinct to leverage the investment in the inland rail,” said Mr Barilaro.

Business cases will also be developed to explore cost-effective ways of delivering faster and more reliable digital connectivity for businesses and residents across regional NSW, and making travel across NSW faster and easier by improving rail and road passenger transport connections. 

“On top of this, we are investigating an international air freight hub which would allow producers to deliver beef, dairy, fruit, nuts and seafood around Australia and the world, as quickly as possible, which means significant competitive advantages for regional NSW exporters. 

“This fund is also for our young people – building the business foundations that will provide a secure future for those who will be working and living in our regional towns for generations to come,” Mr Barilaro said. 

The NSW Government’s Snowy Hydro Legacy Fund investment in regional NSW builds on the $1.6 billion Regional Growth Fund(opens in a new window), which is already providing lifestyle, liveability, business, investment and economic improvements.

To read more about the NSW Government 20-Year Economic Vision for Regional NSW, go to their website here

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