I emailed the Parramatta City Council to ask about the "missing link" between Rydalmere Wharf and Charles Street (Parramatta CBD).
Good news guys, I've emailed back for estimated dates, but construction seems to be underway. In particular, the two bridges needed are almost finished (one is, one being built). For the time being at least, the PVC won't follow the river, but will skip up and follow south street then, go over Subiaco and Vineyard Creeks before rejoining the river behind UWS then up to Thomas street. Hopefully in the future, the river side path may be built.
Here is part of the reply I got... hope it is accurate.
Parramatta City Council will very soon be finalising a master plan for the Parramatta Valley Cycleway. The master plan aims to be an implementation guide/plan outlining investigative needs, constraints and opportunities.
The predominant focus of implementation will be from the City centre east.
However, there are some constraints and opportunities with that. In particular, Council has constructed a bridge over vineyard creek and shall be finalising Subiaco bridge shortly. This will link with the University of Western Sydney bike path that, i understand, is currently under construction (nearing completion?).
Scott, these current projects will, in the future, enable you to bypass Victoria road join the existing on road Thomas Street route via South Street from Park Road.