Australia commits to infrastructure

The Australian Government has announced a $75 billion (US$56 billion) investment in infrastructure and transport projects focused on building local communities, connecting regions and cities, boosting productivity, and creating local jobs.

This Budget includes $24.5 billion (US$18.5 billion) in funding for new major projects and initiatives that, the government say, will benefit every state and territory.

It will be funded by a combination of grant funding, loans and equity investments.

New investments in this Budget include, in Western Australia, $1.6 billion (US$1.2 billion) in new projects, including $700 million (US$528 million) towards the Metronet rail project.

There is also a $1 billion (US$755 million) infrastructure package for Victoria, including $500 million (US$377 million) for regional passenger rail.

In Queensland $844 million (US$640 million) has been given for additional projects on the Bruce Highway, including upgrades to the Pine River to Caloundra section.

The Government is also establishing a $10 billion (US$7.5 billion) transformational National Rail Program to fund rail projects across the nation that improve urban and regional rail services.