NSW Local Infrastructure Renewal SchemeThe Government is currently providing a total of $100 million over six years for the implementation of the overall local infrastructure backlog policy, of which the Local Infrastructure Renewal Scheme (LIRS) is one component. Investment in infrastructure has the capacity to stimulate and enhance the productivity of the economy in both the short and long term. It is an investment that has a multiplier effect throughout the economy, generating lasting economic, social and environmental benefits.
Traditionally, the focus on infrastructure asset management was the provision of new assets such as roads, water and sewerage networks, airports and the like. However it is becoming more and more apparent, that it is no longer sustainable to focus on meeting infrastructure needs through investment in the creation of new assets alone, without recognising the long-term lifecycle costs associated with the ongoing operation, maintenance and renewal of existing assets. Many councils are struggling to keep up with maintenance and renewal of their assets to a level that is satisfactory to their community.
In recognising this increasing backlog in infrastructure renewal needs, the NSW Government has responded by committing significant funding to help councils meet the cost of borrowing to fund the required works. The Local Infrastructure Renewal Scheme (LIRS) provides councils with a subsidy in interest costs to make it affordable to take out major bank loans to fund their projects. This investment in debt funding has been proven to be far less expensive than paying for the long-term recurring maintenance requirements of deteriorating assets.
LIRS Round One - now closedApplications for round one closed on 30th March 2012
Round one provided a 4% interest subsidy on loans taken out to undertake a variety of infrastructure backlog projects, ranging from buildings and road renewals, over bridge replacements and swimming pool rejuvenation to major airport reconstruction works. Overall, the scheme recommended 84 projects put forward by 64 councils and adding up to a total cost of $439 million to go ahead, which may had otherwise remained unfunded for many years to come.
To view a summary list of work recommended for funding in round one of the scheme (subject to TCorp Financial Assessment) click here.
Councils with approved round one LIRS projects can now access their project information, upload their signed funding agreements and make claims via the LIRS Project Management Portal.
A copy of the Local Infrastructure Renewal Scheme Guidelines for round one can be found here
LIRS Round Two – now closedOnline applications for round two of the scheme closed on 31st December 2012. Applications are currently being assessed by an Independent Assessment Panel. Announcements of successful projects are scheduled to be made in late May 2013.
Round two will provide a 3% interest subsidy on loans taken out for infrastructure backlog works as well as for projects providing infrastructure to enable new housing.
A copy of the Local Infrastructure Renewal Scheme Guidelines for round two can be found here
LIRS Round Three – to be confirmedDetails on a further round of LIRS will be made available over the coming months. Please check back on this site at a later date.
Project Management Portal:You can now manage your LIRS projects in one easy location by visiting the LIRS Project Management Portal. This Portal will allow you to access your project information, make claims, prepare and upload supporting documentation and prepare new project applications.
For further information on the Local Infrastructure Renewal Scheme, please contact Daniela Heubusch – Coordinator Infrastructure on email@example.com or (02) 4428 4133.