Three vital urban infrastructure projects to fix Sydney's transport and congestion would pay for themselves in just four years, according to a new study.
Analysis by Allen Consulting Group has shown running light rail to Australia's biggest urban development site at Green Square, finishing inner Sydney's bike network and transforming George Street would boost the local economy by nearly a billion dollars a year.
Along with the Mayors of Australia's capital cities I am calling on the Federal Government to investment $5.44 billion in 11 nationally significant urban infrastructure projects that would return $1.81 billion to our economy every year.
This kind of long-term investment should have bi-partisan support, as it will build the nation's competitiveness and improve the wellbeing of all Australians.
We know that Sydney is the powerhouse of our economy, generating around $100 billion with over 20,000 businesses and a workforce of more than 370,000 people.
But the city's transport network is not coping and needs urgent investment. This investment in light rail and bike infrastructure could help turn the situation around - and cover their own costs in just four years.
The Allens report said the projects would have a positive effect on the economy of Sydney at large â€¦ equivalent to an increase of between $340 and $817M of gross regional product in 2013-14.
It said the long-lasting effects of the three proposed projects would be to increase Sydney's gross regional product by 0.2 per cent per annum.