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The New South Wales government has announced $500 million toward constructing a fast rail line between Newcastle, the Central Coast, and Sydney in the upcoming budget.

The plans for fast rail lines have long been touted by the state government to decrease travel times between Sydney and regional areas like Newcastle and Wollongong.

However, Premier Dominic Perrottet said the difference in today's announcement is funding.

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"It's been talked about for a long time but no one has brought money to the table," Perrottet said.

"You can't set up a vision for your state if you don't come with the funding that's required."

The $500 million investment means planning for upgrading the rail lines between Sydney and the Central Coast later this year.

Perrottet did not confirm when the fast rail would be completed.

He did however say the funding would go towards new electrified rail tracks on the Central Coast, platform and station upgrades at Wyong and Tuggerah and "starting" fast rail connections between Sydney, Newcastle and the Central Coast.

"The commencement of construction of ancillary infrastructure will make sure faster rail can become a reality," he said.

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Fast rail promises travel time between Newcastle and Sydney to be cut from two hours to an hour, between the Central Coast and Sydney in just 25 minutes and between Wollongong and Sydney in 45 minutes.

Minister for Planning Rob Stokes added the investment in fast rail will "transform accessibility" to the Central Coast.

Committee's CEO Gabriel Metcalf said the long-talked about plans for faster rail are beginning to pick up speed and welcomed the state government's funding.

"Better connections across this region, south to Wollongong, north to the Central Coast and Newcastle, and linking into Sydney's west, means we will effectively work like a bigger global city, with more economic gravitational pull," Metcalf said.

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"It will give people more choice about where they work, where they live, and how they get around."

The federal government will match the state government investment in fast rail meaning the total funding for fast rail will be $1 billion.

Prime Minister Anthony Albanese has announced an $830 million compensation settlement with the Naval Group in a bid to re-set relations in France.

It comes after the previous government axed its submarine deal with France.

"This is a fair and an equitable settlement which has been reached," Albanese said.

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"It follows discussions that I've had with President Macron and I thank him for those discussions and the cordial way in which we are re-establishing a better relationship between Australia and France."

Fury erupted in September last year when Australia scrapped its contract with the Naval Group in favour of American nuclear-powered submarines as part of the AUKUS pact.

Albanese said the settlement now brings the total cost of the former government's axed policy to $3.4 billion.

"This is a saving from the $5.5 billion that Senate estimates was told would result from that program," he said.

"But it still represents an extraordinary waste from a government that was always big on announcement but not good on delivery.

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"From a government that will be remembered as the most wasteful government in Australia's history since federation."

Albanese said the rekindling of the French-Australian relationship is an opportunity to draw a line and move forward.

"Importantly though, now we can move forward with our relationship with France," he said.

"I intend to have an honest relationship with France and one that is based upon integrity and mutual respect."

Albanese said he has accepted an invitation to meet with French President Emmanuel Macron in France "in the foreseeable future".

"I think it is appropriate that that announcement be made simultaneously in France as in Australia about that timing and those details."

"That's the way that I'll conduct diplomatic affairs on behalf of Australia."

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A cold front is moving northwards through Victoria and New South Wales today and is expected to deliver strong winds to the east coast.

The damaging southwesterly gusts of up to 90 kilometres per hour are expected to hit the NSW south coast and last well into the weekend.

Coastal parts of the Illawarra could see wind blow around 100 kilometres per hour.

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Victoria's East Gippsland, Wilsons Promontory, and Alpine areas will also feel the pressure system as the front moves eastwards into the Tasman Sea.

The blast of cold air is set to see Tasmania shiver through colder than average temperatures, with the possibility of snowfall around parts of Hobart.

It comes as the current La Niña event which started in September 2020 is expected to now last until at least August, and perhaps continue into 2023.

The La Nina event is exacerbating the nation's icy start to winter, according to the World Meteorological Organisation (WMO).

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WMO Secretary-General Prof. Petteri Taalas said human induced climate change amplifies the impacts of naturally occurring events like La Niña.

"It is increasingly influencing our weather patterns, in particular through more intense heat and drought and the associated risk of wildfires – as well as record-breaking deluges of rainfall and flooding," he said.

WMO predictions suggest a "triple-dip-La Nina", where three consecutive winters have been impacted by the event for the first time since 1950.

La Niña refers to the the mass cooling of the ocean's surface temperature in the Pacific Ocean, as well as changes felt in the tropics such as stronger wind and rainfall.

It usually opposes El Niño, which is known as the warm phase.

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