UDIA NSW welcomes the announcement today by Treasurer Matt Kean of the June 21 date for the 2022-23 NSW Budget to be handed down and is keen to see the government’s continuing investment in critical infrastructure that would enable a strong pipeline of housing supply.Last year, UDIA undertook major research with its members to identify specific enabling infrastructure in Western Sydney, the Central Coast, the Hunter and Illawarra Shoalhaven, that was currently a roadblock to supply and could be delivered in the next few years to re-fill the development ready land supply pipeline. Our reports identified over 70 pieces of NSW Government infrastructure that, if all were delivered, could provide 147,000 residential lots at a cost of $1.3bn. With approximately 14,000 greenfield homes required per year, the NSW Government needs to invest over $100m per annum enabling infrastructure to support the pipeline, said Steve Mann, CEO, UDIA NSW. “As well as supporting the provision of homes, enabling infrastructure produces a double dividend for the economic recovery, providing jobs and economic activity from the provision of the infrastructure and then supporting the jobs in the development sector,” he added. UDIA estimates that the building sector is currently contributing $30bn of economic benefit and 50,000 jobs to the state. Since the onset of the pandemic, UDIA NSW has worked closely with government and agencies to keep construction going and safeguard the jobs of the industry’s workers. UDIA calls on the NSW government to consider in its 2022-23 budget the following recommendations provided in the UDIA Pre Budget Submission:
- The NSW Government funds $450m worth of state enabling infrastructure over the next 3 years.
- The NSW Government appoints a cross-departmental team tasked with co-ordinating infrastructure and the supply of new homes, assisted by a team of external advisors with the experience of making this co-ordination work.
“The development industry can build the new homes that NSW needs to ease the housing affordability crisis and implementing these policies together with an acceleration of approvals will go a long way in enabling that to happen,” said Steve Mann, CEO, UDIA NSW.
—ends—
Media Enquiries:Deanna Lane 0416 295 898 or dlane@udiansw.com.au.