The federal government will stump up $176 million for the planned River Street bridge project, which Dubbo MP Dugald Saunders reports is the majority of the funding required.
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He also confirmed the estimated cost had risen to $220 million, and the state government would provide complementary funding of $44 million.
The NSW government had originally allocated $140 million for the second high-level bridge to provide access during floods and to ease congestion.
As the "scoping" for the project had progressed and further community consultation had been undertaken, "the expected budget" had increased to about $220 million, Mr Saunders reported on Tuesday.
He welcomed an announcement of $176.2 million from the federal government, saying it was "a show of faith in a project that [would] be of immense benefit to the city".
"The allocation of the $176 million from the federal government shows that this bridge is considered a priority project," Mr Saunders said.
"As a result of that priority classification, the federal government is providing 80 per cent of the expected funding, and the state government is now contributing 20 per cent.
"I have maintained all along that the bridge will be a game changer for Dubbo, not only on a day-to-day basis but particularly in the event of a flood when it will provide another high-level crossing of the Macquarie River for local traffic.
"To have Mark Coulton and the federal government throwing their support behind the project in such a big way is terrific, and I thank them for their investment."
EARLIER
The federal government will stump up $176 million for the planned second high-level bridge over the Macquarie River at Dubbo.
The NSW government project is to connect the western shore side to River Street to provide access during floods and to ease congestion.
On the eve of the federal budget, Parkes MP Mark Coulton announced Canberra would invest $176.2 million in the bridge, a link road between Thompson Street and Bourke Street and associated intersection upgrades.
He reported the project had a total cost of $220.2 million.
It comes as part of a $2.7 billion Australian government investment in NSW transport infrastructure, the Coalition's strategy to boost the local economy, make roads safer and create new jobs to steer the country to COVID-19 recovery.
"I'm very pleased this government is investing in high-priority infrastructure projects in Dubbo that will ensure people in our community get home sooner and safer, while also delivering more jobs locally," Mr Coulton said.
"This funding will support construction of a new bridge as well as a new 2.3 kilometre link road between Thompson Street and Bourke Street in Dubbo.
"It will also cover associated intersection upgrades.
"This is about ensuring safe passage through Dubbo during future flood events and providing practical solutions to the problems caused by flooding in the past.
"The benefits of the project will include improved road safety, improved efficiency, better connectivity for our local road networks and improved freight productivity."
Mr Coulton reports the project is expected to start in late 2022 and be finished by mid 2025, and will support 290 direct and indirect jobs.