“The announcements made in the budget last night to support Australian infrastructure and additional developments in regional areas is to be congratulated,” said ICN Limited Executive Director, Warren Jansen.
The Federal Government announced commitments of $15.2bn to boost rail, road, and infrastructure over the next 10 years as part of the 2021-22 budget, to support jobs and growth in the post-pandemic economy.
The decision will bring the total infrastructure spend to $110bn, with the government committed to funding projects in each state and territory.
The money will be spent over the next decade, and some major pledges include $2.6bn for South Australia’s North-South Corridor Darlington to Anzac Highway, $2bn for Melbourne’s new Intermodal Terminal, and $2bn for the Great Western Highway.
The boost will aid the government’s measurements to decrease the unemployment rate by supporting over 30,000 jobs across the development phase of infrastructure projects.
“ICN has a long and successful association with governments in supporting SME’s win contracts in major public and private projects both locally and globally”, Warren said. “We’re excited by the new opportunities this investment will provide to infrastructure in Australia.”
Most projects that can expect budget funding have already been outlined:
- $2.6bn for the North-South Corridor in South Australia.
- $2bn to support delivery of the intermodal terminal Melbourne.
- $2bn for the Great Western Highway upgrade in New South Wales.
- $400m for the Bruce Highway in Queensland.
- $380m for the Pakenham roads upgrade in Victoria.
- $237.5m for the Metronet in Western Australia.
- $161m for the Truro Bypass in South Australia.
- $150m for the national highway network in the Northern Territory.
- $132.5m for stage 2A of the Canberra light rail.
- $113.4m for the Midland Highway upgrades in Tasmania.
“Our record funding commitment is creating jobs, boosting business investment, while securing Australia’s COVID recovery,” said Prime Minister, Scott Morrison said.
As part of the 2021-22 budget, the government is also investing upwards of $475m to drive industry growth and improve scientific capabilities to help create high paying, sustainable jobs for Australian workers.
“We have a clear vision to harness science and technology to expand existing industries and develop new ones, creating long-term and sustainable jobs,” the Minister for Industry, Science and Technology, Christian Porter said.
The new funding is part of the government’s commitment to secure Australia’s future as a globally recognised manufacturing nation and builds on the $1.5bn Modern Manufacturing Strategy announced in the October 2020-21 Budget.
The 2021-22 budget looks promising for Australia’s recovering, giving a much-needed boost to industry, infrastructure, and manufacturing to support job recovery, creation, and economic growth in a post-COVID climate.
