The Property Council of Australia has welcomed the Federal Government’s strengthened infrastructure commitment including major new projects that will be funded in tomorrow’s Federal Budget.
The Government has already announced $10 billion in spending on major infrastructure projects will form a key part of the budget.
The funding will be spread across every state and territory and cover road, rail and freight upgrades.
The money will be spent over the next decade and includes $2 billion for a new freight hub in Melbourne, as well as $2 billion to upgrade the Great Western Highway between Katoomba and Lithgow in New South Wales.
South Australia’s Truro Bypass will also receive funding, as will road projects in Tasmania (Bass Highway), Northern Territory (National Highway Network) and the ACT (William Hovell Drive).
There are also funds earmarked for rail and freight upgrades in Queensland and Western Australia.
Property Council Chief Executive Ken Morrison said the commitments represented a welcome alignment with Infrastructure Australia’s priority list.
“More money for infrastructure and investment in proven projects is exactly what we need, so this announcement is very welcome,” Mr Morrison said.
“The infrastructure projects identified in this announcement have been assessed by Infrastructure Australia as critical to Australia’s long-term economic recovery from the COVID-19 pandemic.”
He said the news that the Federal Government would be strengthening its 10-year infrastructure program was “the right investment to make for the long term”.
“Fast-tracking investment in infrastructure is critical to supercharging Australia’s economic recovery over the next decade,” Mr Morrison said.
“The very real costs of infrastructure shortfalls are felt by every Australian, whether through congestion, higher costs of doing business, or housing affordability.”
Mr Morrison said the additional investment would help alleviate Australia’s long-standing infrastructure backlog and set up communities for high productivity and future success.