Australia markets close in 3 hours 25 minutes
  • ALL ORDS

    7,700.30
    -35.50 (-0.46%)
     
  • ASX 200

    7,376.40
    -32.40 (-0.44%)
     
  • AUD/USD

    0.7191
    +0.0006 (+0.09%)
     
  • OIL

    87.02
    +1.59 (+1.86%)
     
  • GOLD

    1,812.60
    +0.20 (+0.01%)
     
  • BTC-AUD

    58,935.32
    -287.96 (-0.49%)
     
  • CMC Crypto 200

    1,010.01
    +0.62 (+0.06%)
     
  • AUD/EUR

    0.6348
    +0.0009 (+0.14%)
     
  • AUD/NZD

    1.0612
    +0.0005 (+0.04%)
     
  • NZX 50

    12,652.06
    -162.40 (-1.27%)
     
  • NASDAQ

    15,210.76
    -400.84 (-2.57%)
     
  • FTSE

    7,563.55
    -47.68 (-0.63%)
     
  • Dow Jones

    35,368.47
    -543.34 (-1.51%)
     
  • DAX

    15,772.56
    -161.16 (-1.01%)
     
  • Hang Seng

    24,179.71
    +66.93 (+0.28%)
     
  • NIKKEI 225

    27,842.58
    -414.67 (-1.47%)
     

Government splurges $7.5 billion on roads, transport projects

·2-min read
(Photo by James D. Morgan/Getty Images for Marr Contracting)
(Photo by James D. Morgan/Getty Images for Marr Contracting)

The Morrison Government has announced a new $7.5 billion investment into national transport infrastructure in order to create “thousands” of new jobs as part of the nation’s economic recovery.

The announcement forms part of the measures to be announced in tomorrow’s 2020-21 Federal Budget, and is on top of the $100 billion the Morrison government already dedicated to infrastructure over the next decade.

Every state and territory will see extra funding for major projects already in development.

The new funding will also support the JobMaker scheme, said Prime Minister Scott Morrison.

“We have been working closely with state and territory governments to invest in the infrastructure that is ready to go and can help rebuild our economy and create more jobs,” Morrison said.

"These projects will keep commuters safe on the road, get people home to their loved ones sooner and provide better transport links for urban and regional communities.”

The government has now spent more than $11.3 billion on “shovel-ready projects” across Australia as part of the nation’s Covid-19 economic recovery plan, he added.

“This investment through Tuesday’s Budget will boost the national economy and is part of our plan to support an estimated 30,000 direct and indirect jobs across the nation.”

These are the projects that will receive funding:

  • $560 million for the Singleton Bypass on the New England Highway in New South Wales;

  • $528 million for the Shepparton and Warrnambool Rail Line Upgrades in Victoria;

  • $750 million for Stage 1 of the Coomera Connector (Coomera to Nerang) in Queensland;

  • $88 million for the Reid Highway Interchange with West Swan Road in Western Australia;

  • $200 million for the Hahndorf Township Improvements and Access Upgrade in South Australia;

  • $150 million for the Midway Point Causeway (including McGees Bridge) and Sorell Causeway as part of the Hobart to Sorell Roads of Strategic Importance corridor in Tasmania;

  • $120 million to upgrade the Carpentaria Highway in the Northern Territory; and

  • $88 million for the Molonglo River Bridge in the ACT.

The announcement was made jointly by the Prime Minister, Minister for Population, Cities and Urban Infrastructure Alan Tudge and Minister for Population, Cities and Urban Infrastructure Michael McCormack, who said the plan would create local jobs.

“We will draw on local businesses to stimulate local economies through these projects,” the Deputy Prime Minister said.

“Infrastructure means jobs, it means livelihoods, it means stronger local communities and it means building a better and more secure future for our nation.”

The new announcement locks in billions of dollars for the national infrastructure pipeline over the next decade, Tudge added.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, economy, property and work news.

Follow Yahoo Finance Australia on Facebook, Twitter, Instagram and LinkedIn.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting