Sydney, Australia: Australia's most populous state on Friday announced what it called the biggest investment in Sydney's sporting and events infrastructure since the 2000 Olympics, with construction of a new 30,000-seat stadium a priority.

More than Aus$1 billion (US$697 million) will be set aside for the stadia network, with plans for a new 50,000-55,000-seat stadium at Moore Park near the Sydney CBD in addition to a new 30,000-seat arena at Parramatta in the city's west.

‘A global city like Sydney needs world-class sporting venues and this investment will ensure fans and sporting teams have the facilities they deserve,’ New South Wales Premier Mike Baird said.

‘Our first priority is building a new 30,000-seat stadium at Parramatta on the site of the existing facility, with work to begin as soon as possible and construction expected to be completed by 2019.’

Baird said the overhaul would include the completion of the Sydney Cricket Ground upgrade and the redevelopment of the 80,000-plus capacity Stadium Australia, potentially to include a retractable roof.

The government would also develop a new indoor arena near the city centre and a new outer-western Sydney sporting venue as it seeks to better compete for major events.

The upgrades are contingent on final business cases, design work and the state government reaching content agreements with the sporting codes to ensure matches are spread across the stadium network.

Baird said the government also hoped to create a governing entity for Sydney's stadia network in a bid to reduce competition between venues for major events.

‘For too long we've been fighting amongst ourselves rather than taking the fight up to every other city that's been investing in stadia,’ New South Wales Sports Minister Stuart Ayres said.