The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
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
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
5 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
View All >
Office

Centuria Divests Sydney Fringe Office Block for $116m

Lindsay Saunders
Hotel

Authenticity Over Opulence Key to Luxury Hotel Success: Robbyn Carter

Taryn Paris
the rooftop pool of an apartment building in kangaroo point by mosaic property group
Residential

Mosaic Forgoes PR, Secures $205m Kangaroo Point Sales

Renee McKeown
No PR, no public release—the developer reveals how it sold 85 per cent of the apartments in its Kangaroo Point project…
LATEST
Office

Centuria Divests Sydney Fringe Office Block for $116m

Lindsay Saunders
2 Min
Hotel

Authenticity Over Opulence Key to Luxury Hotel Success: Robbyn Carter

Taryn Paris
3 Min
the rooftop pool of an apartment building in kangaroo point by mosaic property group
Residential

Mosaic Forgoes PR, Secures $205m Kangaroo Point Sales

Renee McKeown
2 Min
Residential

Scape Scoops Up Aveo in $3.85bn Deal

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