A $650 million promise to raise the Wyangala Dam wall by 10 metres and increase its capacity by 650 Gigalitres has been funded.
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The Federal Government and the New South Wales State Government announced on Sunday they would together deliver a promised upgrade, which would raise the wall height from 85 metres to 95 metres, in a 50/50 funding partnership.
Member for Rivera and Deputy Prime Minister Michael McCormack said the project was a significant investment in the future of the Riverina and Central West.
"What we are doing here with the Wyangala Dam is increasing the inland water storage to go to security for towns in the Lachlan River Catchment, such as Cowra, Forbes and Parkes, and certainly flood mitigation," Mr McCormack said.
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"Essentially, this means when it rains again we will have 650 Gigalitres more in capacity to store water and help to prevent flood events, as well as having more water available when the next drought occurs."
Mr McCormack said the construction would also deliver many jobs to the region.
"As this drought continues, it is important to ensure our local communities can continue to thrive," Mr McCormack said.
"This project will certainly create many jobs and provide a much-needed injection into the local economy."
Mr McCormack said the funding would prioritise all necessary business case development and design works.
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Sunday's $1 billion announcement was made by Prime Minister Scott Morrison and NSW Premier Gladys Berejiklian and included $480 million for a new Dungown Dam near Tamworth and $24 million to investigate the 100,000-megalitre proposed Border Rivers project on the Mole River, near the Queensland border.
NSW Farmers marked the investment in new dam infrastructure as "critical for long-term water security".
"We do need projects that help secure future water supplies for communities and food and fibre production," president James Jackson said.
"Today's announcement ... is welcome news, but for the long term.
"There is a need for water now and we call on both governments to continue to work collaboratively with and provide funding to local shires who are building pipelines and trucking in water at significant cost."
Formalised agreements between the Federal and NSW governments outlining the timeframes will be finalised shortly, the Prime Minister's press release said.
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Ms Berejiklian has been quoted as hopeful construction would begin in 2020 and be complete by 2025.
Vicki Seccombe, regional manager Western NSW, NSW Business Chamber, said it was pleasing to see the project moving forward.
"We need to see its delivery as soon as possible, and longer term, the increased water security in the Lachlan Valley will help improve business confidence and encourage further business investment," Ms Seccombe said.
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