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MB has frequently questioned the efficacy of Sydney’s WestConnex toll road and tunnel project – the $17 billion 33 kilometre motorway under construction that is more expensive per kilometre than the Chanel Tunnel.
This hideously expensive project will see existing free public roads like the state-owned M4 (that have already been paid off) being tolled to help fund the project, with tolls to rise by 4% a year until 2038, with tolls to continue to rise at the rate of inflation for another 20 years. Moreover, the M5 toll to Sydney’s south-west was due to be abolished, but has now been extended to 2060.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.