Member for Davidson, Jonathan O’Dea has suggested Warringah and Ku-ring-gai Councils consider applying for an interest subsidy on loans to address NSW’s infrastructure backlog.
The State Government is providing $30 million in interest subsidies under the third round of the Local Infrastructure Renewal Scheme. Over six years, the Government will provide $100 million to unlock up to $1 billion in investment in local infrastructure.
“The NSW Government’s State Plan NSW 2021: A Plan to Make NSW Number One has a commitment to build the infrastructure that makes a difference to both our economy and people’s lives,” Mr O’Dea said.
“Investment in infrastructure underpins improvements in many services and will improve NSW’s productivity and competitiveness, deliver sustainable growth as well as create jobs,” he said.
The Local Infrastructure Renewal Scheme (LIRS) provides a 3 per cent interest subsidy on loans taken out to fund council infrastructure backlog borrowing.
Already, in the first Two Rounds of the scheme, the NSW Government provided interest subsidies to 87 councils for 138 individual projects.
These included Ku-ring-gai Council’s upgrade of public toilet amenities at St Ives Showground and elsewhere as well as Warringah Council’s improvements to the Warringah Aquatic Centre.
Local Government Minister Don Page said: “This scheme has already unlocked almost $680 million worth of investment in our local infrastructure and more communities can benefit from LIRS through projects to receive funding under round three.’’
However, he said, 76 councils have so far not applied for a subsidy under the scheme’s first two rounds.
“And the scheme is working, with a recent audit by the Division of Local Government finding the State’s local councils' infrastructure asset backlog had fallen from over 18 per cent of total assets under Labor to around 10 per cent now,’’ Mr Page said.
Councils across NSW can access guidelines for Round Three of this innovative scheme at www.dlg.nsw.gov.au.
Online applications for round three will be open until 31 December 2013, for councils to complete once they have identified eligible projects.
