The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
TUD CELEBRATES QLD STATE OF ORIGIN VICTORY 2-FOR-1 URBANITY TICKET DEAL - BUY TODAY
CELEBRATING QLD STATE OF ORIGIN VICTORY 2-FOR-1 URBANITY TICKET DEAL
GET DISCOUNTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
InfrastructureAna NarvaezWed 17 Jul 19

Fast Track ‘Shovel Ready’ Projects to Reboot Economy: Government

02c37cd1-5f86-444d-840c-eab7e61c6975

Urban infrastructure minister Alan Tudge has called on the states to “bring forward their schedules” on major development projects, as the Reserve Bank reiterated the importance of a strong pipeline of projects to help prop up the economy.

With another interest rate cut expected before Christmas, the Reserve Bank has expressed renewed concern about unemployment, flat wages growth and weak business sentiment. In its minutes, the board said it will continue to monitor the labour market and “adjust monetary policy if needed”.

Reserve Bank governor Philip Lowe said that while the Australian economy is growing and “fundamentals are strong”, further investment in infrastructure was need to reduce spare capacity in the economy.

Speaking on Radio National’s breakfast program on Wednesday, Minister Tudge said that the government was “heeding the call” of the Reserve Bank governor.

“We have a record amount of infrastructure this financial year, [projects] like the Western Sydney Airport, the M80 in Melbourne or the North-South Road in Adelaide is under way right now.

“But [it’s] ultimately up to the states to bring forward their schedules.”

Of the $100 billion infrastructure pipeline, $30 billion is scheduled to be spent over the four-year forward estimates period. The minister said that 160 major projects are currently under way, with 120 currently in the planning phase.

The minister conceded that large projects cannot be “turned on” overnight.

“If they can be accelerated, we will negotiate bringing forward our funding to match the new project schedule,” the minister wrote in an op-ed for the Financial Review.

Treasurer Josh Frydenberg defended the government’s infrastructure pipeline at a lunch in Brisbane this week.

“Long lead times and significant planning and regulatory co-ordination means that major projects cannot materialise quickly.

“Our focus now is sitting down with premiers and treasurers and infrastructure at state and federal level to swap notes and to align project timetables and review capacity constraints to ensure these projects are implemented as promised.”

Economist Stephen Koukoulas said that infrastructure spending can definitely be ramped up — to the extent that the economy needs a boost.

“The question about infrastructure is what can be done, now,” Koukoulas said.

“A lot of infrastructure projects take a long time to be built, so to the extent that the commonwealth can work with the states to fast-track some of these projects, the better.”

InfrastructureAustraliaConstructionFinanceReal EstatePlanningPlanningOther
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
View All >
Bridgewater Gagebrook Brighton Derwent River from Granton
Planning

Scheme to Unlock 362 Lots in Tasmania Revealed

Leon Della Bosca
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
Maroochydore Habitat The Millwell render hero
Residential

Midrise Project Breaks Ground as Sunshine Coast Ramps Up

Phil Bartsch
The $243-million mixed-use development will comprise 205 apartments across two buildings rising up to nine storeys...
LATEST
Bridgewater Gagebrook Brighton Derwent River from Granton
Planning

Scheme to Unlock 362 Lots in Tasmania Revealed

Leon Della Bosca
3 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Maroochydore Habitat The Millwell render hero
Residential

Midrise Project Breaks Ground as Sunshine Coast Ramps Up

Phil Bartsch
3 Min
Genton Architects' rendering of the East Village Sunbury project by Birchmore and IDA on Lancefield Road in Sunbury, Victoria.
Retail

Retail Centre Moves Ahead as Sunbury Prepares for Growth

Marisa Wikramanayake
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/fast-track-shovel-ready-development-for-economy-government-