Local Infrastructure Renewal Scheme
The NSW Government is currently providing a total of $120 million to 2025 for the implementation of the overall local infrastructure backlog policy, of which the Local Infrastructure Renewal Scheme (LIRS) is one component.
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 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. A Local Government Infrastructure Audit completed by the Office of Local Government estimated that the infrastructure backlog in local communities in NSW is in excess of $7billion. In recognising this increasing backlog in infrastructure renewal needs, the NSW Government is 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.
See below for more information on LIRS round one, two and three.
Councils 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 the Program Delivery Team, on LIRS@olg.nsw.gov.au or (02) 4428 4100.