3rd stimulus package to arrive in New South Wales
New South Welsh Government says it will receive $3 billion in new stimulus packages over the next two years as it tries to meet a $3.8 billion budget shortfall, with many of the extra funds set aside for infrastructure projects.
The new package, expected to be announced in a statement later today, will see the State Government spend more than $1 billion on the first phase of the project, which will include the construction of a rail link between Woomera and the Gold Coast.
A second phase of this work is also set to commence in 2020 and 2021.
A third phase is expected to follow by 2021.
The Government said the third stimulus package would be a $2 billion boost to the state’s finances over the first two years of the government’s financial management plan.
It will also be used to finance projects that are in the pipeline to the State’s infrastructure needs, including the Gold Road, the $400 million Gold Coast Train Link, and the $3 million rail project that will link Woomerra to the Gold coast.
Key points:The State Government will spend more on infrastructure projects than the $2.4 billion stimulus package was initially estimated to spendA third stimulus phase is set to begin in 2021 and 2021Source: News.au | Duration: 1min 51secTopics:government-and-politics,economic-trends,economics-and_finance,woomera-6250,newcastle-2300,tas