Parliamentary Secretary for the Hunter Scot MacDonald MLC today announced Newcastle City Council will have access to low interest T Corp loans through the State borrowing facility to invest in critical infrastructure projects in the region.
Mr MacDonald said today’s announcement, based on the financial stability of the local council, gives Newcastle City Council the backing it needs to create a stronger and more vibrant community.
“I strongly welcome the NSW Liberal National Government’s decision to give the local council the support it needs to build the infrastructure that makes our communities attractive places to live and work,” Mr MacDonald said.
“Newcastle City Council will be able to apply forlow interest loans that will allow the council to upgrade roads, saleyards and showgrounds and invest in hospital facilities, airports and footpaths.
“Newcastle City Council is one of 28 councils that meet the financial benchmarks of sustainability, effective infrastructure and service management and efficiency to enable them to have access to low interest TCorp Loans” Mr MacDonald said.
Deputy Premier and Minister for Regional NSW John Barilaro said the NSW Government is committed to ensuring the financial sustainability of councils across the state.
“Local councils are the backbone of our communities, delivering the vital infrastructure and amenities our towns and cities rely on,” Mr Barilaro said.
Minister for Local Government Gabrielle Upton said the majority of councils in NSW already had access to TCorp loans and many of them had already funded a wide range of projects through the low interest loans.
“TCorp loans have been used to fund projects right across NSW including an aged care facility, airport upgrades, an art gallery redevelopment, roads, bridges, footpaths, sporting ovals, pools, and water and sewerage infrastructure,” Ms Upton said.
“A small number of councils still need to demonstrate that they have a plan to meet key financial benchmarks before they can have TCorp access and the NSW Government is working with each of these councils towards this outcome,” she said.
The State borrowing facility through NSW Treasury Corporation was established in July 2015 to encourage local councils to fund infrastructure through responsible and lower cost borrowings.