Infrastructure Growth Package
BUDGET INFRA 12/2014
13 May 2014
Joint release with:
Assistant Minister for Infrastructure and Regional Development
The Australian Government will provide an additional $11.6 billion to establish an Infrastructure Growth Package that will fast-track investment in critical infrastructure across the country.
The funds will be targeted at projects that grow the economy, boost productivity and create jobs.
It is part of the Government's Economic Action Strategy to build a strong, prosperous economy for a safe, secure Australia.
The Infrastructure Growth Package includes:
- $5.0 billion over five years towards the Asset Recycling Initiative which provides incentive payments to encourage the states and territories to sell assets and recycle the sale proceeds into new productivity-enhancing infrastructure.
- $3.7 billion for targeted infrastructure investments to deliver priority infrastructure projects and upgrades including:
- accelerating work on major projects such as Melbourne's East West Link – Western Section (stage 2), Adelaide's North South Corridor, the Perth Freight Link, Toowoomba Second Range Crossing, as well as projects on the National Land Transport Network in the Northern Territory.
- making our transport networks safer and more efficient with additional funding for National Highway Upgrades ($229 million), Black Spots ($200 million) and Roads to Recovery ($350 million) programmes.
- investment of $2.9 billion in Western Sydney to support the new Western Sydney airport; and to upgrade and improve the safety and reliability of the network.
This funding package builds on the Australian Government's existing commitment, now at more than $50 billion to fund key infrastructure including road, rail and intermodal projects.
Delivering economically productive infrastructure means we have to be smarter in how we plan and fund infrastructure to ensure taxpayers' funds are spent efficiently and return the greatest benefits to the economy and the public.
The Government will continue to look at ways to partner with the private sector to accelerate delivery of the 21st Century infrastructure that Australia needs so that we can build a stronger economy to generate more jobs and deliver better services in the years ahead.