Service sector economy drives NSW infrastructure
MONDAY OCTOBER 12, 2015
As Australia’s largest state economy, New South Wales service sector accounts for more than 46% of Australia’s entire finance and insurance output.
This economic trend towards service sector activities is widely reflected in the range of infrastructure and construction projects currently taking place within the region.
The construction of the $11 billion Sydney Metro project, Australia’s largest public transport project, aims to radically transform Sydney’s rail network with the addition of new stations, improved services and Australia’s first European style subway system.
The Sydney Metro will increase the number of trains entering Sydney CBD from 120, to nearly 200 trains during peak hour traffic, improving access to jobs and changing the way people utilise the state’s public transport network.
Expected to open in the first half of 2019, the project will expand the length of the Sydney’s railway network to twice its current coverage, with lines expanding extensively into some of the state’s fasting growing suburbs in Sydney’s north-west.
Home to approximately 4.8 million people, Sydney comprises of more than 60% of the state’s population. Under Access Economics baseline assumptions, the population of New South Wales is set to grow from 7.5 million in 2014 to almost 8.2 million in 2020.
The New South Wales government has taken initiative towards developing comprehensive infrastructure to accommodate for these changes, committing $68.6 billion over the next four years to provide critical infrastructure to the state’s most rapidly expanding business and residential areas.
This includes a wide variety of large scale urban renewal projects within the Sydney area, including the announcement of the $6 billion Barangaroo redevelopment which aims to redefine the western edge of Sydney Harbour.
The development is expected to create over 24,000 permanent jobs, a new inner-city train station, as well as 11 hectares of newly accessible land for pedestrians.
These upgrades come in addition to the Western Sydney Infrastructure Plan which involves the injection of an estimated $2.9 billion over the next ten years to implement key infrastructure upgrades, including the development of major road and transport linkages to capitalise on the recently announced plan to build the Western Sydney Airport in Badgerys Creek.
To facilitate in the discussion of these significant projects, state government representatives along with industry executives from a wide range of infrastructure and construction sectors will gather at the NSW Major Projects conference to review upcoming infrastructure projects within the region.
Other major developments currently taking place within New South Wales include the WestConnex Project, the Sydney Light Rail and Pacific Highway upgrades, the NorthConnex Project, the Northern Beaches Hospital redevelopment, the Inland Rail development between Melbourne and Brisbane, as well as a variety of infrastructure developments ranging from private to public sector contracts.
The two day conference attracts close to 250 delegates annually and is an opportunity for industry leaders and government officials to share ideas on common challenges and acquire the latest information on major infrastructure projects shaping the development of New South Wales.
The 7th Annual New South Wales Major Projects conference is being held at Doltone House in Hyde Park on the 24th & 25th of November.
