Federal Budget Boost for Infrastructure
In the 2021–22 Federal Budget, the Australian Government will provide funding of $12.1 billion to support state infrastructure projects.
Funding will be allocated for road and rail infrastructure through the Infrastructure Investment Program under the funding agreement on land transport infrastructure projects. A 10-year funding allocation has been established for this program.
The substantial new funding delivered in this year’s Budget is key to the Government’s plan to help Australia bounce back stronger from the COVID-19 pandemic.
“More money for infrastructure means more jobs, more local procurement and a better future for businesses across the country and that’s why this investment is the centrepiece of our National Economic Recovery Plan.”
The new investments add to the Government’s continued commitment to projects that will define the success of local communities for years to come, including the Western Sydney International (Nancy-Bird Walton) Airport, Sydney Metro – Western Sydney Airport, due to open in 2026, the Melbourne to Brisbane Inland Rail, and the much-needed Melbourne Airport Rail Link.
“This Government is committed to delivering nation-building infrastructure projects, busting urban congestion, meeting our national freight challenge and getting Australians home sooner and safer,” Minister Fletcher said.
Key projects of the Federal Budget:
- $2 billion of initial investment for a new Melbourne Intermodal Terminal;
- $2.03 billion for Great Western Highway Upgrade – Katoomba to Lithgow – Construction of East and West Sections in New South Wales;
- $400 million for Inland Freight Route (Mungindi to Charters Towers) Upgrades in Queensland;
- $161.6 million for the Truro Bypass in South Australia;
- $160 million for Agricultural Supply Chain Improvements – Package 1 in Western Australia;
- $150 million for National Network Highway Upgrades (Phase 2) in the Northern Territory;
- $80 million for Bass Highway Safety and Freight Efficiency Upgrades in Tasmania; and
- $26.5 million for William Hovell Drive Duplication in the Australian Capital Territory.
Read the Media Release here.
The New South Wales Government continues its infrastructure investment in its 2023/24 budget, amid fiscal pressure and economic uncertainty.
The Victorian Government delivers a sensible though reduced infrastructure agenda, in an environment of climbing debt and economic pressure.