News that national infrastructure will be boosted over the next four years by $225 billion has been welcomed by the Australian Logistics Council (ALC).
The commitment to infrastructure projects by state governments represents a record increase of 26 per cent from funds allocated last year and comes to help offset the economic downturn felt in the wake of COVID-19.
The 2020 Australian Infrastructure Budget Monitor, released before Christmas by Infrastructure Partnerships Australia ranks jurisdictional infrastructure funding levels in order of share of budget expenditure.
For the third year running, NSW and Victoria are leading the national league tables with a combined total spend of $153 billion.
The Northern Territory is in third place with $4.3 billion, South Australia in fourth place with $13.4 billion, Tasmania is in fifth with $3.89 billion.
Meanwhile, the results show both Queensland and Western Australia ranked behind the other states with $35.2 billion, and $10.95 billion respectively.
“Combined, governments are pumping nearly $5 billion of infrastructure spend into the economy every month – that’s the equivalent of building one new Western Sydney Airport a month, every month, for 48 months.” said Adrian Dwyer Chief Executive Infrastructure Partnerships Australia.
The ALC has since applauded the national commitment to investment.
“Investment in infrastructure combined with a collaborative approach with industry to planning for preservation of freight lands and corridors are key to a successful and functioning future economy,” said Kirk Coningham, ALC CEO.
“Providing clarity and security of the pipeline encourages investment. We applaud governments for committing to this plan,” he said.
“As we start digging Australia out of recession, investment in infrastructure and ensuring open conversations and collaboration across ministries and governments in the future will be key. As has been amply demonstrated throughout this crisis, we achieve great things working together. The benefits that were hard won during this challenging year, must be preserved and put to work as Australia grows its way out of a recession with the full and essential support of the supply chain industry.”
The infrastructure package, over the next four years, invests a record $225 billion into building better roads and bridges including the delivery of intergenerational assets like the Narrabri to Turrawan rail upgrade, Western Sydney Airport, Epping road upgrade, the new Bridgewater Bridge, and the Granite Island Causeway project.