The NSW Liberals & Nationals Government has today announced a five-year plan that will provide $70 million in funding to help local councils pay for the largest and most critical infrastructure projects in their communities, delivering on an election commitment to help councils address the infrastructure backlog in NSW.

NSW Treasurer Mike Baird and NSW Local Government Minister Don Page said the Local Infrastructure Renewal Scheme will pay half of the interest on significant loans that councils take out specifically to pay for large infrastructure projects such as roads, community halls, libraries, paths, parks, sports fields and water facilities.

“The Local Infrastructure Renewal Scheme is a key aspect of the NSW Government’s Local Infrastructure Backlog Policy and will help NSW councils get on with the task of reducing the vast backlog of infrastructure projects in their communities,” Mr Page said.

“The Scheme will provide interest subsidies to councils to help cover borrowing costs on the significant loans required to tackle the infrastructure backlog.

“Rather than councils carrying the burden of interest payments alone, the NSW Government will pay half of the interest.”

Mr Page said an Assessment Panel will review councils’ applications for borrowing assistance under the Local Infrastructure Renewal Scheme.

“The Assessment Panel will assist councils which apply for borrowing assistance under the Local Infrastructure Renewal Scheme, on matters such as better use of debt funding, exploring various borrowing options, and each council’s borrowing capacity,” Mr Page said.

“That will ensure value for money from the projects, while minimising the risk on NSW taxpayers’ money, and the NSW Government’s bottom line,” Mr Page said.