The fund Dominic Perrotett offered Western Sydney as compensation for privatising Westconnex is facing a multi-billion dollar budget shortfall.
Then Treasurer Perrotett promised in September to put $5 billion of the privatisation proceeds into a fund called Westinvest. The money was supposed to benefit the Western Sydney suburbs who experienced the harshest lockdown restrictions following the delta outbreak.
But a late Friday announcement by T-Corp, the state’s financial markets operator, confirmed that the Government is using all of the $11 billion sale proceeds to reduce the state’s record debt levels, with no money leftover to pay for the Premier’s signature COVID-19 recovery measure.
NSW Shadow Treasurer Daniel Mookhey accused Mr Perrotett of selling Western Sydney a mirage.
“There is a $5 billion budget blackhole in the middle of Dominic Perrotett’s Western Sydney economic recovery strategy," Mr Mookhey said.
“Western Sydney lived through the ‘tale of two cities’ during lockdown. But now Western Sydney risks being trapped in the slow lane of two-speed recovery because the Premier tried to sell them a mirage.
“Western Sydney deserves better than a fund full of make believe money,”
Prior hearings of Treasury officials at a Upper House inquiry in September made it clear the NSW Government -
Shadow Minster for Western Sydney Greg Warren said “Mr Perrotett cannot tell the bond markets one story, and the public another.
“Premier Perroett has to come clean: Where is the money for WestInvest coming from?”