Over $17.9 billion has been committed by the Australian Government towards new and existing infrastructure projects in the infrastructure pipeline under this week’s Federal Budget.
“A strong economy means a stronger future,” Prime Minister Scott Morrison said.
“Continuing to provide record future funding for road and rail projects is a key part of our economic plan for the long term to keep our economy strong.”
The 10-year infrastructure investment pipeline will see an increase from $110 billion to over $120 billion for new and existing infrastructure projects in every state and territory, creating jobs, keeping commuters and freight safe and driving economic growth.
Under the new commitments in the 2022-23 Budget, investments will be made to projects such as the Melbourne Intermodal Terminal Package, rail extensions and upgrades across states, and Roads of Strategic Importance corridors.
“By investing in these projects, we are delivering the infrastructure that the Australian economy needs to grow, to get Australians home sooner and safer, and generate thousands of jobs and new opportunities for small businesses right across the country,” the Prime Minister said.
“Australia’s future success relies on a strong economy. Our strong economic recovery is being driven by our record funding for major road projects right across the country.”
The nearly $18 billion investment is expected to support tens of thousands of direct and indirect jobs across Australia, providing certainty and security for local businesses and communities.
Meanwhile, Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Barnaby Joyce said the Australian Government is building the infrastructure that will make our nation and economy stronger.
“We are investing in projects that will drive the growth of industries that generate the wealth our nation needs to become as strong as possible as quickly as possible,” Minister Joyce said.
“Getting more commodities to ports and sending them overseas will generate more export income, making our nation wealthier and stronger. Better roads and infrastructure will enable that.”
Treasurer Josh Frydenberg said infrastructure is a key pillar of our economic plan to grow the economy and get more Australians into work.
“With the unemployment rate already at an equal 48 year low, the measures in this Budget will create an additional 40,000 jobs across Australia, building on our world-leading economic recovery,” he said.
“By enhancing transport connectivity, we’re strengthening our supply chains against challenges such as COVID-related disruptions and the impact of natural disasters. This gives businesses and consumers the confidence and certainty they need in uncertain times.”
Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher said this investment would support sustainable growth across Australia.
“Our Government has a strong track record in delivering infrastructure that improves connections, reduces congestion and helps keep Australians moving, particularly across our fast-growing urban centres,” Minister Fletcher said.
“What this means for commuters is less time spent in traffic and more time with loved ones, and the ability to move around more easily for work, which has a positive economic and productivity impact while helping to secure long-term prosperity and liveability.”