Transport infrastructure and the resources and energy sectors emerged as big winners during the Budget announcement yesterday, with the Federal Liberal Government announcing Australia’s largest ever investment in infrastructure.
The 2014-15 Budget will inject an $11.6 billion Infrastructure Growth Package to boost total infrastructure investment by Commonwealth, State and local governments and the private sector, to over $125 billion by 2019-20.
Infrastructure projects nationwide including East West Link and Melbourne Rail Link in Victoria and WestConnex in New South Wales will directly benefit from the 2014-15 Budget announcements, with projects to commence within months.
Treasurer Joe Hockey said the investment in infrastructure projects will enhance accessibility and efficiency across cities, ports and the quality of roads and rail links, as well as boosting employment across the construction and infrastructure sector.
“Our Growth Package will stimulate the construction sector and create thousands of jobs as the economy transitions from resource-led growth to broader-based growth,” said Mr Hockey.
The Budget will also deliver more than $125 million to the resources and energy sectors as part of the Government’s Economic Action Strategy.
Minister for Industry Ian Macfarlane said the Budget’s $125 million investment in the resources and energy sectors were crucial to long-term economic growth and that the resources sector has underpinned growth in the Australian economy for more than a decade.
During 2012-13 the resources sector generated approximately $171 billion in export revenues.
The Federal Government’s aim for the 2014-15 Budget is to significantly reduce the Australian deficit by 2015.