Friday, 22 January 2021 09:44

WSROC calls for curb on public-funded profit Featured

Media Release 21 January 2021 WSROC has called for a review of private profits achieved via taxpayer-funded development in Western Sydney, following reports of landowners and developers gaining significant windfalls from publicly-funded infrastructure investment.

WSROC President, Clr Barry Calvert, said, “We have already seen examples of enormous private windfalls from the land acquisition processes at Badgerys Creek and the potential profits from land re-zonings in the growth areas of Western Sydney will be staggering.

“Further reports, alleging private interests are shaping Government investment decisions in this precinct, are extremely concerning.

“Currently, government policy allows re-zonings to blow out land values virtually overnight, to the disproportionate benefit of private interests. Taxpayer money - which funds major development, such as the aerotropolis - then becomes private profit. Sloppy policy is denying the community a respectable return on investment.

“Large-scale private profiting from taxpayer-funded works in Western Sydney does nothing to benefit our region’s existing or emerging communities. Our region’s success demands an effective policy framework that recognises the significant public investment in infrastructure and ensures that a fair proportion of the benefits of those investments are returned to communities and not just private interests.

“Developments such as the Western Sydney Aerotropolis and accompanying regional transport networks should not become a honey pot for unchecked opportunism.

“The current, fragmented approach to funding infrastructure and services in Western Sydney has left holes in high growth areas – including insufficient transport links to connect people with work opportunities. At present, delivery of the full North-South Rail link is delayed due to lack of funding.

“Councils in Western Sydney are struggling to fund essential infrastructure like parks, cultural facilities, sporting fields, swimming pools and libraries through existing funding arrangements. Local infrastructure projects currently stand at a backlog of more than $2 billion to 2036. That’s unfunded social infrastructure that is needed for new and existing Western Sydney communities to be both liveable and functional.

“WSROC calls for a review of public policy which currently allows disproportionate private gains to be made from publicly-funded works. Both federal and state governments must act to promptly facilitate taxpayer investment in key developments from funding provided via value capture mechanisms. We want to see a more equitable approach, that ensures funds are invested back into the region.” 

[ENDS]

Media contact: Kate O’Connell or Kelly Gee, 02 9671 4333, 0425 871 868 This email address is being protected from spambots. You need JavaScript enabled to view it. |This email address is being protected from spambots. You need JavaScript enabled to view it.  

Last modified on Wednesday, 24 February 2021 15:40

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