NSW infrastructure commitment will provide confidence
Tuesday, 6 September 2011 — The NSW Government’s $62.6 billion commitment to infrastructure in today’s budget will provide further confidence that progress will be made on the State’s infrastructure projects, according to EY’s NSW Infrastructure Leader David Larocca.
“They are doing what they said they were going to do. NSW hasn’t had a positive track record in recent years on delivering on projects, which undermined confidence in the market. This will provide welcome confidence to the market that this Government is serious about delivering,” says Larocca.
“What is also positive is the funding that has been allocated to Infrastructure NSW. It now has a good budget and a very clear planning mandate.”
Larocca says one uncertainty out of today’s budget is funding for a major motorway for Sydney, given the Government’s election commitment to this subject to advice from Infrastructure NSW.
“What the private sector infrastructure market – the people that will bid to build, own, operate and in some cases, finance, these infrastructure projects – now need to see is efficient, transparent bidding processes.”
Larocca says NSW has an unprecedented opportunity to capture both Australian and global infrastructure capacity.
“Europe and the UK have drastically reduced infrastructure spending, so many of the established international infrastructure and construction players are joining local and Asian companies in looking to invest in Australian projects, as one of the few places with funding for major projects. We are seeing unprecedented interest on this front.”
“NSW is sending the right signals that it is ready to go.”
EY is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
EY refers to the global organisation of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information on our organisation, please visit www.ey.com.
This news release has been issued by EY Australia, a member firm of Ernst & Young Global Limited.
Liability limited by a scheme approved under Professional Standards Legislation.
Tel: +61 2 8295 6427