NSW Government to sell stake in Sydney Motorway Corporation

TINNews |

The New South Wales (NSW) Government plans to sell its 51% stake in the Sydney Motorway Corporation (SMC) in order to fund the final stage of Australia's WestConnex works.

New South Wales Treasurer Dominic Perrottet said: “WestConnex is Australia’s largest infrastructure project – it will do for Western Sydney what the Sydney Harbour Bridge did for the North Shore 85 years ago, and this is our plan to make it a reality.

“Selling a 51% stake in SMC will unlock existing value to help fund the M4-M5 Link project, getting it built sooner, but it also means the people of NSW will continue to benefit from the growth in the value of the Government’s ongoing shareholding.”

In the following months, the government intends to formally start the competitive process by calling interested parties to participate in the sale.

"We are building an integrated roads and transport system to make it easier for people to get around no matter where they live."

The decision to divest the SMC stake will not affect the WestConnex tolling plan that was announced in 2013.

Minister for WestConnex Stuart Ayres said: “The first section of WestConnex – the widened New M4 – is already open, tunnelling is progressing at pace on both the New M4 and New M5 tunnels and planning is well underway for the M4-M5 Link.

“We are building an integrated roads and transport system to make it easier for people to get around no matter where they live.”

The motorway project is expected to create jobs and drive economic growth.

Upon completion of the project in 2023, motorists will be able to commute from Penrith to the Western edge of the CBD without any interruption.