The short answer is no. Unless you consider 2036 to be soon.
The Parramatta to Epping Rail Link (PERL) was planned to be built by the previous Keneally Labor government and had obtained a $2.1 billion funding commitment from the Commonwealth Labor government to get it built. This was promised during the 2010 federal election campaign and seen as a porkbarelling exercise to get more Labor MPs elected from Western Sydney, which would benefit from this new line. The state Liberal opposition, under Barry O’Farrell, instead promised to build the Northwest Rail Link (PERL) and to defer the PERL.
O’Farrell beat Keneally, and this resulted in a deadlock between the NSW and Commonwealth governments, each having promised to fund or build one line and not the other. O’Farrell argues that the NWRL is more critical and wants the $2.1 billion of funding transferred from the PERL to the NWRL, but has declared that he will build it whether he gets the money or not. If no agreement is reached, then everyone loses.
Personally, I think the only was to get a solution here is to form some sort of compromise. Something that links Parramatta to Macquarie Park (which is what the PERL is designed to do) would do this, thus allowing the Commonwealth Government to be satisfied that its election promise has been satisfied, albeit with a non-heavy rail solution, while allowing the NSW government to focus on the NWRL.
BusNSW have put forward one option that would do this – a bus only transitway (like the current T-Ways between Parramatta and Rouse Hill/Liverpool) between Parramatta and Macquarie Park. The advantage of this option is the low cost: $250 milion, compared to a revised $4.4 billion cost of the PERL. Note: News story in video below starts at 0:20 seconds.
Parramatta Council have also offered proposals. Their first was a re-routing of the NWRL via Parramatta and then along the PERL alignment. This proposal was unworkable as it would delay trips between the Northwest and Macquarie Park/Chatswood/St Leonards/North Sydney, while also relying on an already strained Parramatta-CBD rail corridor to transport commuters into the city. As there was also good transport links between Parramatta and the Northwest via the existing T-Way, the NSW government rejected this proposal. I personally agree with the state government in this case.
More recently, Parramatta Council proposed building light rail instead of heavy rail in order to connect Parramatta to major centres in Western Sydney, including Macquarie Park.
Ultimately, I am not as fussed about the mode of transport chosen as much as I am about the willingness of the different parties to negotiate and come to an agreement on this issue. On that basis, I think Parramatta Council is onto a winner with its strategy. The same cannot be said of the NSW or Commonwealth governments, who up until now have not budged from their positions and have not showed any hints of accepting a compromise outcome.