Sydney is our only global city but it’s being strangled by traffic. More cars, longer trip times and not enough transport options are increasing the cost of doing business in Sydney.
Traffic congestion already costs Sydney business and the community $3.5 billion a year – and with a forecast 23 per cent growth in traffic in just 15 years, that figure will rise to $7.8 billion a year.
Building new cycleways makes great economic sense. For every dollar we spend building a bike network we get nearly $4 back in congestion, environmental and health benefits.
The cost of using a bike is a fraction of the cost of running a car, and every dollar saved is one more available for other purchases. That’s good news for workers and businesses.
Economic benefits of an Inner Sydney Regional Bike Network – the facts:
According to an independent economic analysis of the benefits associated with an Inner Sydney Regional Bike Network (AECOM 2010):
- Every $1 spent on a bike network will generate $3.88 of economic benefit back to the community, that compares to just $2 back for building new motorways.
- Congestion savings of $97.8 million (resulting from fewer car trips), or $4.07 per trip for every commuter switching from a car to a bicycle.
- Net benefit of $506 million over 30 years.