- Home
- About us
- Visas and migration
- Travelling to Australia
- Services for Australians
- Doing business with Australia
- Study in Australia
- Media
- About Australia
- Australia- Canada relationship
- Events
AUSTRALIA REFORMS ITS INFRASTRUCTURE IN FIGHT ON INFLATION
In its first major bid to combat fight inflation, Australia has formally launched a new statutory authority - Infrastructure Australia - to overhaul reform, planning, development and investment in the nation’s future.
The new Minister for Infrastructure, Transport and Regional Development, Mr. Anthony Albanese, said that Federal Cabinet this week, formally approved the establishment of Infrastructure Australia. He said that the new agency would be a key driver in the Government's plan to fight inflation.
“Infrastructure Australia will help fight inflation by boosting the economy's productive capacity, unlocking infrastructure bottlenecks such as clogged ports and congested roads,” he added.
Infrastructure Australia represented a dramatic new shift in Australia’s national economic policy, bringing national leadership to infrastructure development for the first time since Australia’s federation in 1901. Legislation establishing Infrastructure Australia would be introduced during the first session of the new Parliament in February 2008.
Mr Albanese said that the Government would develop a strategic blueprint for Australia's infrastructure needs and ensure that future projects were determined by economic, social, and environmental needs - not short-term interests.
Infrastructure Australia would be a statutory advisory council with twelve members from industry, government and local municipal councils. It would include five members from the private sector, one of whom would be the chairman.
Infrastructure Australia would conduct audits to determine the adequacy, capacity and condition of nationally-significant infrastructure, including transport, water, communications and energy, and also develop an Infrastructure Priority List to direct billions of dollars of public and private investment.
The new Authority would also provide advice to governments, investors and owners of infrastructure on regulatory reforms which could improve the utilisation of our infrastructure networks.
Mr Albanese said that Infrastructure Australia's immediate task would be to audit the nation's infrastructure shortfalls and produce an Infrastructure Priority List to guide billions of dollars of public and private investment.
The first priority list would be completed within 12 months and would assess projects in terms of specific goals, such as meeting water and energy needs; saving time for commuters battling traffic congestion in major cities; efficiently moving freight from regional areas to ports; and meeting the challenge of climate change.
Infrastructure Australia would also review the extent to which governments can better facilitate infrastructure investment, including through public-private partnerships as well as better planning and approval processes.
Mr Albanese said that the task ahead for Infrastructure Australia was considerable. The OECD had ranked Australia 20th out 25 countries when it comes to investment in public infrastructure as a proportion of national income.
“The Government was now committed to investing in Australia's future and addressing the nation's long-term infrastructure bottlenecks,” the Minister said.
Canberra
23 January 2008