New South Wales has taken its infrastructure program on the road, sharing its strategy for massive investment in schools, hospitals, roads and other infrastructure with US Government officials, major ratings agencies and some of the world’s largest investment banks.
NSW Treasury Secretary Michael Pratt has accompanied NSW Treasurer Dominic Perrottet and NSW Treasury Corporation (TCorp) Chief Executive David Deverall on a six-day trip to New York, Washington and San Francisco.
The delegation has met with policy and business organisations including the US House Transportation and Infrastructure Committee, ratings agencies and investment banks.
New South Wales is investing an historic $80.1 billion over four years in a range of infrastructure projects, including road and rail networks to connect our communities, hospitals for growing suburbs and regional areas, and housing for those who need a helping hand.
Through its innovative asset-recycling program, the State Government has sold or leased assets through a rigorous and sophisticated assessment process. This process considers whether the capital tied up in the asset or business can be recycled in the community’s best interest.
Supported by asset-recycling transactions, the Government has realised almost $30 billion in additional capital for investment into critical infrastructure, and the challenge is to deploy this capital in a manner that delivers the best possible value for the people of New South Wales.
To that end, NSW Treasury assists in maximising the State’s balance sheet, TCorp, the State public sector’s fund manager, manages the NSW Infrastructure Future Fund (NIFF), which is the investment vehicle for Restart NSW proceeds.
The asset-recycling approach has underpinned the NSW Government’s plan to build critical infrastructure without piling on debt – and maintain the State’s triple-A credit rating.