New research by the Property Council of Australia revealed that Sydney councils are sitting on over $1 billion in unspent infrastructure funds.
The figure was revealed in the Property Council’s latest audit of infrastructure levies – based on local government financial statements for 2015-16.
“Councils are sitting on a billion dollars in unspent funds, funds that should be spent on providing services for the local community – funding libraries, local parks, sporting grounds," Property Council NSW Executive Director Jane Fitzgerald said.
“This money is sitting in the bank earning interest, $30 million in interest over 2015/16, instead of being used for the local community. This money is provided to councils to boost local facilities but instead they are hoarding it.”
Ms Fitzgerald said the research revealed: