Mixed reactions to $6 billion Barangaroo project approval

The recent approval by the NSW government of a development plan for the Barangaroo wharf area has been met with mixed reactions by key industry figures.

Former prime minister Paul Keating claimed the findings completely rebutted concerns raised by consumer groups and councillors, which he said were "distorted and fallacious".

The completion of the $6 billion project has been tipped by the Sydney Business Chamber to play an important part in securing Sydney's position as a place to do big business in the Asia-Pacific region - a statement that could provide plenty of food for thought at NSW property management conferences.

The department's executive director Patricia Forsythe asserted: "Barangaroo will provide the space, in terms of large floor plates for trading and high end finance that will allow Sydney’s financial services sector to flourish and grow and be a key contributor to Sydney’s economic wealth."

Community group Australians for Sustainable Development has some reservations about the approval, saying that it still had a long way to go.

Spokesman for the public organisation, councillor John McInerney asserted that: "The review doesn’t address the significant financial risks posed to NSW due to the cost of the headland park and the lack of commitment to transport solutions."