City of Sydney Unveils $2.7B Budget for Urban Renewal

The City of Sydney Council has unveiled its draft 2025–2026 Budget and long-term financial plan, setting aside almost $2.7 billion to fund community infrastructure, new public facilities and key urban transformation projects for its 238,000 residents.

Among the headline investments is the long-awaited development of Town Hall Square—a civic plaza opposite Sydney Town Hall that has been in planning since the 1980s.

GALLERY  

The project, which has been part of the city’s urban vision since the 19th century, marks the next phase of the transformation of central Sydney and extends the ongoing pedestrianisation of George Street.

Lord Mayor Clover Moore said the civic plaza had been three decades in the making. “In the next four years, we will progress plans to create a civic plaza opposite Sydney Town Hall,” she said. “This will be the next stage in the transformation of central Sydney and an extension of our improvement works on George Street.”

To date, the council has acquired multiple sites along George and Park streets to realise the vision, with one final property remaining to be compulsorily acquired. Earlier this year, the council voted to accelerate demolition works on six council-owned buildings—costing more than $36 million in upkeep over the past five years—to enable the civic square’s completion by 2031.

The draft Budget, endorsed by council on Monday and open for public consultation until 9 June, includes a capital works spend of over $276 million across more than 400 individual projects. Key allocations include $11.4 million to expand Gunyama Park by 6,300 square metres, $10.4 million to restore Sydney Park’s historic brick kilns, and $10.4 million to build a new public recreation centre on Huntley Street in Alexandria.

An additional $9.2 million will complete pedestrian works along George Street north, while $5.8 million will support the Dixon Street renewal.

Future funding commitments also include $185 million for Town Hall Square and Sydney Square upgrades, $78 million for multipurpose sports fields in Alexandria, and $38 million for the Green Square to Ashmore connector. Moore emphasised the city’s financial strength despite recent economic challenges, noting the budget’s balance of visionary infrastructure with service continuity and low rates.

Images via The Urban Developer

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