Australia’s New South Wales (NSW) Government has released the environmental impact statement (EIS) for the WestConnex project, which would be built on the M5 East Corridor.

According to the EIS, the WestConnex project that includes construction of additional lane in each direction at the interchange will improve travel times by 49% for the 100,000 motorists who use the M5 Corridor every day.

"Tenders are due later this year with the contract to be awarded next year and work to start by mid-2015."

In addition, capacity will be boosted on all ramps, including the eastbound on-ramp and westbound off-ramp between King Georges Road and the M5 East, and upon opening the Stage 2 tunnels to St Peters, the eastbound traffic from King Georges Road will demerge.

The NSW government said in a statement: "King Georges Road is a critical bottleneck on the M5 East corridor and we have fast-tracked the project by 18 months, thanks to a $2bn concessional loan from the Australian Government."

The government has so far shortlisted three contractors, including Fulton Hogan, McConnell Dowell and Seymour Whyte to work on the project.

"Tenders are due later this year with the contract to be awarded next year and work to start by mid-2015," the statement said.

The WestConnex project, which is getting $1.8bn in funding from the NSW government and $1.5bn from the Australian Government, is expected to generate around 10,000 jobs during construction and generate more than $20bn for the region.