Can I begin by thanking the Fin Review for the invitation to speak again at this year’s Infrastructure Summit.

I begin by acknowledging the Traditional Custodians of the land on which we meet.

I pay my respects to Elders past and present, and I extend that respect to all other First Nations people joining us today.

I also want to acknowledge the many distinguished guests here — from government, business, industry, academia and of course the media.

It’s a privilege to address this room with so many people committed to shaping Australia’s infrastructure future.

It has now been more than three years since the Australian Government began a comprehensive reform of the Commonwealth’s infrastructure investment.

A reform agenda grounded in one clear objective: delivering sustainable, well-planned, and properly costed infrastructure that Australians can rely on.

In that time, we’ve worked to strengthen confidence in investment decisions and to restore transparency in the national infrastructure pipeline.

In a few day’s time, on 16 November, we mark two years since the release of the Independent Strategic Review of the Infrastructure Investment Program.

This is a key milestone to help ensure projects can be delivered when they are promised.

So let me share with you the current state of play on our reform program. It gave us a clear-eyed assessment of the sustainability of the pipeline and the value of our investment decisions.

And it confirmed what most of you already suspected: without urgent reform, the program risked becoming unsustainable. 

Frankly, too many major and minor projects were announced too quickly. And without the planning, level of investment or capacity to deliver them.

Since that review, we’ve worked methodically to implement every recommendation.

We’re embedding stronger decision-making processes, guided by our Infrastructure Policy Statement and informed by Infrastructure Australia’s independent advice and research.

And we’re strengthening fiscal discipline.

Every dollar we invest must support our broader national priorities: productivity, housing, defence, net zero and regional development.

We are now able to better align our expenditure forecasts more closely to project delivery. Last financial year we delivered the lowest variance between the IIP budget forecast and final budget outcome. 

And as we move forward into this second term of government, our priority is clear: it’s all about delivery.

Because Australians don’t measure success by the number of projects we announce but by the projects we deliver, how well we deliver them and the difference they make to their daily lives.

Which brings me to the need for a sustainable infrastructure pipeline.

We are nearing the end of construction on a number of major projects, some of which the Commonwealth is co-investing in and others states have proceeded on their own.

In Perth, the jointly funded METRONET is nearing completion. 

In Melbourne, the state-funded Melbourne Metro and Westgate Tunnel are opening in time for Christmas. 

This past June in Hobart, we opened the states’ largest ever infrastructure project in the Bridgewater Bridge.

As we prepare for future investments and for next year’s Budget, I’m receiving updated 10-year infrastructure plans from each state and territory. 

The development of these plans and submission to the Australian Government delivers on the second recommendation of the IIP review.

These are vital tools because they help us see where demand is strongest, where investment gaps exist, where cost pressures are emerging and how to better sequence projects over the decade ahead.

As we look to the next decade of infrastructure investment, I want to touch on a project that represents both the scale of our ambition and the discipline of our approach: High Speed Rail between Newcastle and Sydney.

Last week, Infrastructure Australia released their assessment of the business case for Stage 1 of the project. Their analysis demonstrates exactly the kind of rigorous, evidence-based approach we need for nation-building infrastructure.

The proposed Stage 1 would deliver 194 kilometres of dedicated high-speed rail alignment, including 115 kilometres of tunnelling, connecting Newcastle through the Central Coast, Sydney Central, Parramatta, and Western Sydney International Airport.

The benefits are significant. Travel time from Newcastle to Parramatta would drop from two and a half hours to around an hour and fifteen minutes. Newcastle to Western Sydney International in around an hour and a half, down from over three hours today.

This isn’t just about faster trains. It’s about better connecting our regional centres to our cities and making it easier for people to live and work where they want to. It’s about unlocking productivity and creating new jobs and industries by better integrating our Newcastle to Sydney economies. And it’s about recognising that Western Sydney International and Parramatta aren’t peripheral to our transport future, they’re central to it.

Now, Infrastructure Australia has been upfront about both the opportunities and the challenges. The benefits are substantial, but so are the costs and the complexity. The project will require significant workforce capacity over an extended construction period. It will need careful integration with existing transport networks. And it will demand sustained commitment across multiple terms of government.

This is exactly why our reformed approach matters. Projects of this scale can’t be announced on a whim. They need rigorous business case development, proper planning, realistic costing, and honest assessment of delivery timeframes and market capacity.

We’re working through that process now, with Infrastructure Australia providing the independent analysis we need to make informed decisions. Their assessment will feed into our consideration of this project alongside other priorities in the pipeline.

Because the way I see it, High Speed Rail is the kind of transformational infrastructure that could reshape Australia’s east coast for generations. But it’s also the kind of project that proves why discipline, planning, and evidence-based decision-making aren’t obstacles to ambition. They are crucial to ambition.

Infrastructure Australia is also stepping up its role providing direct advice into each Economic and Fiscal Update, so our decisions are based on better evidence.

And next year, IA will publish a more targeted Infrastructure Priority List focused on where the Australian Government’s investments could have the highest impact across the country.  

The Infrastructure Priority List is a strategic assessment of where the gaps are in our national network and freight routes that will help improve productivity. 

The new list will be smaller and more targeted to nationally significant projects, that being those that meet two key attributes:

Firstly, that there is a clear role for the Australian Government, when projects become too large in scale, scope or complexity for states to handle alone; or that it relates to identified national networks and services.

Secondly, that the project will contribute to national priorities and outcomes. These projects would be expected to materially improve productivity, economic, liveability and sustainability outcomes.

Of course, delivering sustainably also means being transparent about the pressures in the system.

That’s why part of our work to restore sustainability to the pipeline is by commissioning and trusting Infrastructure Australia’s analysis on construction market capacity.

I am pleased to advise that the 2025 edition of Infrastructure Australia’s Market Capacity Report is being released today. 

It shows that demand continues to outweigh supply, and that the national five-year rolling public infrastructure pipeline has grown to $242 billion.

This outcome reflects our governments’ ambition to boost housing stock and transition our energy sources towards a net zero future, while holding steady the record levels of investment in transport infrastructure. 

The figure includes investment in the built environment – from social and affordable housing and hospitals – and in utilities and transmission infrastructure.

The Report also highlights the risks of running the market too hot — risks like skills shortages, cost escalation and stretched supply chains.

For example, in 2025, the Queensland and Northern Territory pipeline increased by $4 billion to $51 billion, following a $16 billion rise the previous year.

In Queensland, growth is driven by transport, utilities, and the 2032 Brisbane Olympics, especially on the Sunshine Coast and Wide Bay areas.

Construction demand in these regions over the next four years is four times higher than the previous four years.

Of course, none of this can succeed unless the construction industry itself is strong and effective.

Construction is one of the least concentrated industries in Australia.

It relies heavily on subcontracting which is great for flexibility but can lead to imbalances in the market.

Too often, smaller firms carry higher risks through unfair contracts and unrealistic delivery terms. It can lead to financial instability and threaten successful project delivery.

That’s why I strongly support the work, led by Amanda Rishworth, of the National Construction Industry Forum. 

It’s a genuine partnership between government, business and unions.

The Forum’s Blueprint for the Future is a landmark publication setting out clear goals for the industry.

It identifies the sector’s biggest challenges: culture, safety, productivity and sustainability and lays out recommendations for action.

The first nine priority actions are already underway, including the development of a Joint Construction Industry Charter that will set behavioural expectations and shared goals.

The Forum’s forward work plan — mapping out timeframes and deliverables —
will be published before the end of the year.

Now, as part of the NCIF's work, we're working towards implementing the National Construction Industry Culture Standard.

Because getting projects delivered on time and on budget isn't just about money and planning, it's about people and culture.

Everyone deserves to be safe and have their rights respected on a building site.

The Culture Standard sets clear expectations across construction sites. It's about changing workplace culture from the ground up.

We want to see projects achieve value for money for public funds and engage delivery partners who create safe and ethical working environments.

Lastly, construction productivity can be improved through our Government’s environmental protections reform package. 

There is a clear and widely accepted need for environmental law reform to support productivity and deliver stronger environmental protections.

This work, ably led by my colleague Murray Watt, will deliver faster and more robust assessments and approvals.

We need to get these laws working to achieve other national priorities, like delivering the homes, jobs, clean energy and economic prosperity our country needs in the future.

In closing, our government is making sure infrastructure investment is suited to some of our biggest national challenges – how to make our nation more connected and productive.

We’re investing strategically not just in projects but in systems, planning, governance and capability.

And we’re building smarter through increased productivity and innovation with better worksites, stronger workplace standards and a genuine commitment to diversity and inclusion.

The task ahead is huge, but so is the opportunity to shape what Australia builds for our kids and grandkids.

But it can’t be done by government alone.

It relies on partnership between government of all levels, as well as industry, unions and the communities we serve.

And it depends on a shared commitment to prioritise what matters most, to plan carefully, and, most importantly, to deliver.

Together, we can ensure every infrastructure dollar invested not only builds the major projects, the railways and airports our economy needs, but also grows the skills and jobs to sustain the pipeline.

Because the work we do now will shape our nation—a connected, sustainable productive Australia—for decades to come.

Thank you.