I think its safe to say that whatever happened around that funding, it isn't available anymore.
No matter what they build, it will never be a 'new' wonderland - tastes and styles have changed, and any attempt to replicate what was won't be the same, so at most its going to be 'new' in name only - and to be honest, there are far better options for a new park to be themed and named without trying to piggyback onto a decades old concept.
I think our best chance of a 'new' park in NSW is likely going to be coming from a larger chain - Palace, Six Flags, Cedar Fair, for example, and history has shown that long distance management doesn't seem to work too well for most of them (Palace being the exception).
'New Wonderland' is never going to happen.