Prime Minister announces additional infrastructure funding
June 15th 2020.
“As we come out of this COVID crisis, and as we are on this road ahead, infrastructure development will play a critical role in our JobMaker plan. Our Government has already committed nearly $180 billion on economic infrastructure over the next decade, with more than half allocated across the four years of the forward estimates.
This isn’t just the roads and rail that get us to work and get us to school and get goods to markets and ports. It is dams that improve water security and underpin an expansion of high-value agriculture, as part of our 2030 Agriculture Plan. The telecommunications services that keep us connected. The poles and wires which are critical to removing bottlenecks in our electricity grid, improving competition and driving down prices. Defence assets which keep our nation secure and supporting many regional economies with advanced manufacturing.
As we come to the end of this financial year, the Commonwealth will have invested more than $24 billion for infrastructure across key government portfolios. And as we move into 2020-21 we are pushing to do even more.
Since last November, we have worked with state, territory and local governments to bring forward or inject additional investment totalling nearly $7.8 billion:
- That includes $4.2 billion for joint priority projects with the states and territories at MYEFO.
- $1.75 billion in additional funding for Sydney Metro Western Sydney Airport, fast tracking a nearly $11 billion project that will support 14,000 jobs in the heart of Western Sydney.
- A $1.3 billion bring forward of the Financial Assistance Grants program, the Deputy Prime Minister announced recently, providing untied funds for all councils across Australia to use at their discretion. And that comes on top of the support as the DPM will remind you for drought and bushfire recovery assistance.
- $500 million in new funding to establish a new program supporting all councils to undertake local road and community infrastructure upgrades that previously weren’t in their forward schedules. New spending.
Today I am committing a further $1.5 billion to immediately start work on small priority projects identified by the states and the territories as part of our partnership.
As part of this package, $1 billion will be allocated to priority projects which are shovel-ready, and being smaller projects they’re ready to go. And with $500 million reserved specifically to target road safety works. This is an important opportunity to make our roads safer right across the country, not just in rural and regional areas where it is critically important but also in other parts of the country.
Further announcements on specific projects will be made soon. The result being we will have brought forward or provided additional funding of $9.3 billion in infrastructure investment in just the past eight months”.