Labor has pledged that $380 million would be returned to the region if it is elected to government on March 28, compared with the $100 million allocated by the Liberal government.

Mr Foley said a dedicated Illawarra Infrastructure Investment Fund would be established to oversee the distribution of funds.

However, the government says the announcement lacks substance because the money has already been allocated to projects and no specific infrastructure commitments were made.

Mr Foley said the Illawarra had been ‘‘short-changed’’ when Port Kembla port was leased for $760 million in April 2013 and the region only received $100 million.

‘‘The Liberals are sending 90 per cent of the proceeds of the port sale back to Sydney; a kick in the guts to this region,’’ Mr Foley said in Wollongong.

‘‘We’ll reserve $380 million as an initial allocation to be spent wholly and solely on Illawarra infrastructure projects.’’

Mr Foley said ‘‘many worthy projects’’ were on the agenda, but said it wasn’t appropriate to speak about specific priorities during his first visit to the region.

No mention was made about the future of 12 projects already promised a share of the $100 million Restart Illawarra fund, including an aged-care centre at Bulli Hospital and the West Dapto access link road.

Kiama MP Gareth Ward said Labor was allocating money it voted against, reiterating comments made by NSW Treasurer Andrew Constance. 

‘‘This is Foley’s funny money,’’ Mr Ward said.

‘‘All of these monies that they’re talking about, the $380million, has already been allocated to projects.

‘‘In order to establish this Wollongong fund, they’re going to have to take money away from other projects.’’

Mr Ward questioned why Mr Foley could not name the projects or list those he would cut.

‘‘The reality is, this is not Monopoly money, it’s real money,’’ he said.

Commuter car parks, hospital upgrades, flood mitigation work and road works were among projects mentioned during the Opposition Leader’s announcement.

The investment fund would begin ‘‘immediately’’ upon Labor’s election and the money would be ‘‘reprioritised’’ from an allocation in the Restart NSW fund.

‘‘The money’s there, I say fair’s fair – Port Kembla proceeds should be spent on the people of the Illawarra,’’ Mr Foley said.

He was joined by opposition spokesman for the Illawarra Ryan Park, Wollongong MP Noreen Hay, Shellharbour MP Anna Watson and ALP candidates Maryanne Stuart (Heathcote) and Glenn Kolomeitz (Kiama)

NSW Opposition Leader Luke Foley 

‘‘The Liberals are sending 90 per cent of the proceeds of the port sale back to Sydney; a kick in the guts to this region.’’

Opposition Illawarra spokesman Ryan Park 

‘‘We want to make sure this region gets its fair share.’’

Kiama MP Gareth Ward

‘‘This is Foley’s funny money. All of these monies that they’re talking about, the $380 million, has already been allocated to projects.’’

Wollongong MP Noreen Hay 

“The Liberals have treated the Illawarra with complete contempt with their sneaky plan to sell our port and leave us with the crumbs.”

NSW Treasurer Andrew Constance 

‘‘He’s committing $380 million from the lease of Port Kembla – a transaction Labor opposed. Labor has opposed every single one of our savings measures to repair the budget and are now spending money they don’t have. They are the biggest economic threat to NSW.”