One of the biggest projects ever seen in Australia could end up costing billions of dollars more than it should if the State Government doesn't act fast to purchase land.
A high-speed rail line stretching along the East Coast would increase commuter numbers and reduce travel costs as it would connect all the major Eastern cities.
However, Infrastructure Australia is worried the project may result in a cost-blowout if vital land for the rail isn't purchased before developers get their hands on it.
It's estimated securing the plots of land would cost the Government around $720 million dollars right now, but it could end costing at least $3.5 billion dollars if it's sold to developers.
This is because it's around 10 times more expensive to build rail underground through tunnels to avoid housing areas, according to the Executive Director of Policy and Research at Infrastructure Australia, Adrien Dwyer.
"If we act now we can provide the infrastructure we need for the future at significant savings', he said.
It's all guesswork right now, but people are speculating a section of the rail between Sydney and Canberra could be up and running as early as 2032, with Melbourne to follow around 5 years later.
Currently, there are five areas of land between Sydney and Newcastle which are at risk of being sold to developers.
"Something like high-speed rail could be a game-changer for Australia in the future, but we might miss out on that opportunity if we don't make the modest investments now".
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| Source; SydneyMorningHerald |
