A decade of transformation is also set to continue, with ongoing major works including Westconnex, the Parramatta Light Rail Project and the new Metro rail line at St Marys, the premier told the Boomtown Property and Infrastructure Summit on Thursday.
With the city's west shaping as a prime battleground in the upcoming NSW election, the government has a substantial war chest in WestInvest, a $5 billion community investment fund created by the $20.4 billion sale of the 33-kilometre underground WestConnex motorway.
Over the next four years, it will spend a record $112 billion on infrastructure, an estimated cost Mr Perrottet acknowledged would be difficult to control because of interest rate rises and the global energy crisis.
"We've got floods to recover from and flood damage to repair," he said.
"Major economies overseas are expecting difficult times."
Mr Perrottet said it was important the government "chart a pathway back to surplus, particularly after the cost imposed on navigating these challenges will take every bit of experience and expertise at our disposal".
"We must not let the obstacles turn into excuses for putting projects in the too-hard basket with a complacent attitude or a lack of determination.'
The premier also unveiled the first tram from the Westmead to Carlingford light rail line, as construction of the service nears completion.
The trams were made by the same Spanish contractor that built 21 faulty vehicles servicing Sydney's Inner West line, which were decommissioned last year after developing cracks.
Transport Minister David Elliott said the government had learned from its mistakes.
"You can never guarantee that any car or any kind of infrastructure is going to be perfect from day one but I am confident ... the redesign is fit for purpose," he told reporters.
Mr Elliott said repairs to the inner-west fleet were completed at no cost to government.
Labor transport spokeswoman Jo Haylen said the government had let commuters down by buying faulty overseas infrastructure that failed to perform.
"The Inner West Light Rail Line was shut down for months because the government bought 12 overseas-built trams that all cracked," she said.
"Now the government has bought 13 of the same overseas-built cracked trams. They keep doing the same thing while expecting a different result.
"There is no guarantee that what happened to passengers in the inner west won't happen to light rail passengers in Parramatta."
NSW Labor has committed to a target of 50 per cent local content for rolling stock if it wins the state election in March.
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