M5 Motorway Commuters To Pay $3000 In Tolls A Year
It's been revealed that drivers who regularly use the M5 Motorway will soon pay on average a staggering $3040 a year in tolls when the WestConnex is fully operational in 2020.
9NEWS has obtained access to documents that reveal that currently drivers pays 41 cents a trip (after cashback) on the M5 South-West, but when the new M5 tunnel from Kingsgrove to St Peters opens, a new toll of $6.60 will be introduced on the new tunnel and the existing M5 East.
The document shows: "The annual toll for a regular user will increase from $189 (a year) to $3040".
The NSW Government will keep the cashback scheme on the M5 South-West until at least 2026, but won't introduce it on the new or existing tunnels.
The documents reveal that "post 2026, the M5/M5 Tunnel will lose cashback, meaning a daily user will pay $4,939 (per annum)".
Financial forecasts show the winning bidder for WestConnex could potentially earn $706 million a year in toll revenue in 2023, increasing to a staggering $2.87 billion a year by 2034.
WestConnex Minister Stuart Ayres said, "WestConnex is on time and on budget,"
"We haven't hidden the fact that a toll is required to build this infrastructure, we're fixing the mistakes of the past."
Deputy Opposition Leader Michael Daley says, "There's a lot of fat built into this deal for the private sector and the Sydney motorists are the ones who are really going to get skinned here,"
"This isn't government, it's merchant bank stuff."