The Albanese Government is ensuring infrastructure investment focuses on delivering priority road and rail projects, investing an additional $2.7 billion on infrastructure over the forward estimates in the 2024-25 Mid-Year Economic and Fiscal Outlook (MYEFO).
Priority projects include critical road safety work as well as upgrades to freight networks that support national productivity.
This includes additional investment to accelerate works on the Bruce Highway in Queensland, the North South Corridor in South Australia and the Carpentaria Highway in the Northern Territory.
We are also boosting and indexing road maintenance funding on the ³Ô¹ÏÍøÕ¾ Land Transport Network – which was frozen by the Coalition Government in 2014-15 – and to ensure the delivery of 53 projects already underway. This is critical funding that helps ensure major roads get the attention they deserve from fixing pot holes to road sealing.
Investment is also targeting essential public transport projects that will get more people off the roads and provide more affordable commuter options.
The Albanese Government has undertaken significant reform to the Infrastructure Investment Program, bringing the number of projects to a more sustainable level. The former Coalition Government had left a legacy of un-planned and un-costed projects that were unaffordable and had left $33 billion in cost blow outs.
Responsible economic management has been a defining feature of the Albanese Labor Government, and will continue to be as we work with the states and territories to prioritise productive infrastructure.
We remain committed to a sustainable 10-year, over $120 billion infrastructure investment pipeline, and this additional investment is about ensuring the priority projects continue to roll out to the benefit of all Australians.
We are dedicated to delivering nationally significant infrastructure projects that enhance productivity and resilience, improve liveability, and promote sustainability.
