Australia’s Federal Budget 2018; Investing in infrastructure3 Mins
Planning for a stronger economy; and investing in a more connected country. Here are some initial standouts from the Federal Budget 2018-19 for infrastructure, sourced from CommSec’s comprehensive analysis.
Air, road and rail infrastructure
New major transport projects are receiving $24.5 billion in funding, as part of the government’s $75 billion investment in transport infrastructure over the next decade.
- Establishment of the Roads of Strategic Importance initiative, including $3.5 billion to upgrade key routes.
- An Urban Congestion Fund of $1 billion will tackle urban congestion in cities.
- $250 million toward the establishment of a Major Project Business Case Fund for the Commonwealth’s early involvement in major project business case development.
Major projects include:
- $971 million for the Pacific Highway Coffs Harbour Bypass (NSW)
- $5 billion for the Melbourne Airport Rail Link and $1.8 billion for the North East Link (Victoria)
- $3.3 billion for the Bruce Highway and $1 billion for the M1 Pacific Motorway (QLD)
- $1.1 billion for the Metronet rail project (WA)
- $1.4 billion for North-South Road Corridor projects (SA)
- $461 million for the Bridgewater Bridge replacement (TAS)
- $100 million for the Monaro Highway (ACT)
- $280 million for upgrades of the Central Arnhem Road and the Buntine Highway (NT).
Technology, research and development
The government is investing around $2.4 billion over 12 years to boost Australia’s research, science and technology capabilities; this is a direct investment to build a smarter economy and provide training and skills.
Research infrastructure will receive a $1.9 billion investment over 12 years to support Australia’s world-class research sector. Furthermore, a $224.9 million investment over four years to provide accurate satellite-based positional, navigation and timing (PNT) capability to enhance GPS capability across Australia.
$1.6 billion has been committed to providing ~14,000 additional high-level home care packages, which will support people’s decision to live in their own homes for longer. A further $146 million will be put toward improving access to aged care services in rural, regional and remote areas.
In an effort to invest in the mental and physical health of older Australians, $82.5 million of funding will help provide access to mental health services. An additional $20 million to support senior citizens to remain socially connected to their communities and $22.9 million to also promote increased physical activity.
Regional development & environment
$200 million of the federal budget will be put toward a third round of the Building Better Regions Fund, supporting regional infrastructure and community investment.
Full federal budget report
For more details, explore CommSec’s comprehensive economist report here.
We stand on the cusp of Australia’s next infrastructure boom; we are ready.
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