The New South Wales Government and the City of Sydney will soon begin works on a pedestrian-focused overhaul to the Sydney CBD, with Premier Kristina Keneally and Lord Mayor Clover Moore set to sign a memorandum of understanding today.
Changes to the city's roads will include the introduction of light rail to the city centre, along with new bus lanes and clearways to improve traffic flow.
Speed limits in the CBD will be cut to 40km/h and some streets will become shared zones with a 10km/h speed limit.
"We're also introducing changes to make it safer and easier for pedestrians," Premier Keneally said.
"That includes priority for pedestrians at key intersections in the peak, and the introduction of countdown timers."
The new clearways will be active in the morning and afternoon peak hours, covering York, Bridge and Market streets. Bus lane times will also be extended until 9pm.
The new CBD speed limits will be in operation early next year, while the shared zones in streets and laneways will be finalised later in 2011. All of the changes covered in the plan, which will be revealed in more detail this week, are expected to be completed over the next five years.