Sydney’s new metro train line, upgrades for the existing Western train line, and new bus lanes and motorway tunnels are projects that will be accelerated through an early down-payment from the privatisation of electricity assets.

The first budget delivered by Treasurer Gladys Berejiklian maintains funding for the multibillion-dollar transport projects the government has already announced – such as Sydney’s north-west train line, light rail in the city and the WestConnex motorway.

But the budget also brings forward about $590 million of an expected $20 billion windfall from the partial privatisation of the state’s poles and wires – and about half of that funding boost will be spent in the next financial year on road and public transport projects.

“We are not waiting any longer – this money will get these projects underway or ready to go as soon as possible, so the people of NSW can start seeing the benefits,” Premier Mike Baird said in a press release.

Mr Baird said the electricity transactions “won’t start taking place for many months, and we don’t have time to wait for the money to land, so that is why we are unlocking this funding early to get started”.

Planning for the Sydney Metro project – a new train line to run from Chatswood under the city to Sydenham and the Bankstown Line – will receive a $50 million boost from this fund.

The fund will also pay for early works to enable the construction of other projects the government has promised to build using the money raised by privatising electricity assets.

These projects include a light rail line around Parramatta, for which the government has not yet determined a route, a western harbour road tunnel between Rozelle and the north shore, and upgrades to Sydney’s existing Western train line.

As revealed by Fairfax Media on Monday, the budget also confirmed that the new cross-harbour metro line will include a train station at Barangaroo.

That station will also trigger a new tender process for Central Barangaroo, which had previously been slated for only medium density development.

According to the government’s budget papers, the Barangaroo station would reduce crowding at the existing Wynyard and Martin Place stations by about 5000 people in the morning peak.

The announcement of a Barangaroo station leaves the government yet to decide whether to build a new rail station at the Artarmon Industrial Estate, and whether to build a station at either Sydney University or Waterloo, south of Sydney Harbour, on the new line.

The budget also includes continued funding for a number of major road and transport upgrades already announced. The $7.5 billion roads, maritime and freight budget includes $4.1 billion for the state’s regions, and $1.7 billion for the WestConnex motorway.