Australia’s government recently revealed its 2020-21 budget, showing where the federal government will be investing money as part of their plans to help Australia recover.
From the average Aussie, to local companies like Excellence Coaches, to big names like Amazon, the Federal Government’s budget had been the topic of discussion, as it extends the current government’s 10-year infrastructure pipeline, credited with supporting around 100,000 jobs across the AU.
Included in the budget is $14bn earmarked for infrastructure projects, aimed at supporting an additional 40,000 jobs to the pipeline’s numbers, with the goal of boosting productivity in the country and providing Aussies with long term benefits.
Mr. Frydenberg issued a statement on the matter, saying that these infrastructure investments would help ready the country for the future, adding that they’ve seen that building infrastructure creates more jobs.
The budget will fund major projects across Australia, like the upgrades scheduled for the Carpentaria Highway in the Northern Territory, the upgrades for the Shepparton and Warrnambool Rail Lines in Victoria, among others.
The federal government will also provide an additional $3bn for what they call ‘shovel-ready projects’. $2bn of this is set for small scale road safety projects, while the remaining $1bn is earmarked for the Local Roads and Community Infrastructure Program.
Mr. Frydenberg noted that ‘shovel-ready projects’ need to be worked on by the respective states as soon as possible. If not, the government can simply reallocate the cash and give it to another state.
Good news for companies in the transport and travel industries, like Excellence Coaches, as transport infrastructure in the AU, will be receiving a massive $7.5bn investment, divvied up as follows:
- $2.7bn for NSW
- $1.3bn for Queensland
- $1.1bn for Victoria, same for Western Australia
- $625mn for South Australia
- $360mn for Tasmania
- $190mn for the Northern Territory
- $155mn for the ACT
Certain specific projects set to receive funding were also revealed in the budget, including:
- $750mn for the first stage of Queensland’s Coomera Connector
- $528mn for the upgrading of Victoria’s Shepparton and Warrnambool rail lines
- $490.6mn for NSW’s Coffs Harbour Bypass
- $136mn for South Australia’s Main South Road Duplication
- $87.5mn for the ACT’s Molonglo River Bridge
- $80mn for Western Australi’s Wheatbelt Secondary Freight Network
- $65mn for upgrades to Tasmania’s Tasman Bridge
- $46.6 for upgrades to the Northern Territory’s National Network Highway