Australian Prime Minister Tony Abbott with NSW Premier Mike Baird at a press conference to mark beginning of the Westconnex construction in Sydney, Sunday, Mar. 8, 2015.
Australian Prime Minister Tony Abbott with NSW Premier Mike Baird at a press conference to mark beginning of the Westconnex construction in Sydney, Sunday, Mar. 8, 2015. AAP Image - Nikki Short

Baird set to cash in on $2bn of Abbott's asset lease scheme

THREE weeks out from the polls, the NSW State Government is cashing in on a $5 billion Abbott Government scheme.

NSW will use its $2 billion share of the national Asset Recycling Initiative funds to pay for major road and rail projects.

Premier Mike Baird said proceeds from leasing 49% of his state's electricity network would boost jobs and the economy.

The scheme encourages the sell-off of state and territory-owned assets with profits used to pay for infrastructure which will improve the economy.

So far only NSW and the ACT have put their hands up for the money.

"Traffic queues and crowded trains are costing the NSW economy up to $8.8 billion a year," Mr Baird said in a media release.

"Better infrastructure means less time spent commuting and more time spent productively at work or at home with family."

- APN NEWSDESK



11 Things to do this week

11 Things to do this week

We've got your week covered with this list of events

Colleagues mean and miserable says councillor

Colleagues mean and miserable says councillor

Clarence Valley councillors are in trouble again

New Tafe in Yamba announced

New Tafe in Yamba announced

Establishment of a state-of-the-art Connected Learning Centre

Local Partners