The NSW Government will spend every cent of its Snowy transaction proceeds in regional NSW, Port Macquarie MP Leslie Williams says.
A $4.154 billion investment in infrastructure is headed to regional NSW after NSW agreed to transfer its share of Snowy Hydro to the Commonwealth.
Mrs Williams said there had been no decision about how or where or when the money would be spent except they could guarantee every since cent would be spent in regional NSW.
“As a National party room and as a government, we will give very careful consideration to where that money will be spent in the months ahead,” she said.
Mrs Williams said the original people involved in the Snowy Hydro scheme had such foresight.
“We want to make sure these funds leave a very powerful legacy for regional communities,” she said.
The federal government announced last year it intended to purchase NSW’s and Victoria’s shares of Snowy and expand the scheme to increase the generator’s capacity.
The NSW Government reached agreement to transfer its primary share (58 per cent) of the hydro-electricity generator to the Commonwealth.
Premier Gladys Berejiklian said the deal was a huge win for NSW, especially regional NSW, which would benefit both from the Snowy 2.0 scheme and the entirety of the proceeds.
“This will create an investment bonanza in regional NSW with every cent of the proceeds going to rural and regional NSW,” Ms Berejiklian said.
“Not only have we unlocked billions for infrastructure in the regions, but it paves the way for the nation-building Snowy 2.0 project – a federal government investment of more than $3 billion that will create 5000 direct jobs in the Snowy region.”
Deputy Premier and Minister for Regional NSW John Barilaro said the agreement would not only boost infrastructure and jobs in the bush but had the potential to deliver transformational projects in regional and remote areas for a generation and beyond.
“NSW Liberals and Nationals regional MPs have worked hard to ensure every single cent of this deal goes to the people and communities of country NSW,” Mr Barilaro said.
“The people of regional and rural NSW need to know that this is an incredible moment for them and their communities.”