No loans, financial planning, advice or investment in the WestConnex toll road project.
The undersigned are calling on Westpac, NAB, Commonwealth Bank and the Macquarie Group to:
- Unequivocally rule out future loans, financial advice and financial planning for any aspect of the WestConnex toll road project,
- Unequivocally rule out advising the NSW Treasury on sale options for the WestConnex toll road project,
- End any current relationship with the WestConnex toll road project
WestConnex will not solve traffic congestion. All around the world city planners are turning away from major urban road projects as it is clear that more roads equals more traffic. Even the data produced by the Sydney Motorway Corporation and the Baird Government has shown that the toll road will reach capacity within less than a decade of being operational.
The financial aspects of the WestConnex toll road should also be cause for financial institutions to reconsider support for this project. The $3.5 billion federal funding previously committed by the Abbott government is under investigation by the Australian National Audit Office. The cost of the project has blown out from $10 billion to $16.8 billion and delays in the project, changes to the route and the addition of a new tunnel in Rozelle will lead to continually rising costs.
$16.8 billion in public and private investment could be much better spent on NSW’s public transport, education, rural and regional infrastructure, health, housing, environment and other projects which contribute to the social good of our communities - these are the projects financial institutions should be financing.
The corporate social responsibility mandates of all the aforementioned financial institutions claim to strive for social and environmental sustainability. If these financial institutions truly seek to create a better world for our community and our environment, there should be no question about severing the ties they have forged with the WestConnex toll road project.