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The 2021-22 Federal Budget: An Infrastructure Bonanza
The 2021-22 Federal Budget: An Infrastructure Bonanza
about 1 month ago By Emily Harris
On Tuesday evening, the Federal Government unveiled its much anticipated 2021-22 budget. This will mean big spending for a number of key industries believed to help ‘secure’ Australia’s economy as we recover from the financial impact of COVID-19. Aged care was a clear winner in the announcement, receiving the biggest investment ($17.7 billion) which will be used to fund home-care packages. Things are also looking good for first home buyers, with the government announcing that those saving for a first home deposit will now be able to put away up to $20,000 extra in voluntary contributions as part of the First Home Super Saver Scheme, in addition to extending the HomeBuilder construction commencement period.
However, the biggest news for those within the construction and infrastructure industry is the funding bonanza that will be funnelled into infrastructure projects nationwide. The government announced that an additional $15.2 billion will go towards funding infrastructure commitments over the next 10 years (Australian Government. 2021).
In a press release on Tuesday, Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development, Michael McCormack said that the significant portion of funding dedicated to infrastructure within the 2021-2022 budget demonstrated its importance in the country’s economic recovery.
“More money for infrastructure means more jobs, more local procurement and a better future for businesses across the country and that’s why this investment is the centrepiece of our National Economic Recovery Plan” (Infrastructure Magazine, 2020). In fact, it is estimated that the infrastructure funding will support an additional 30,000 jobs over the next 10 years. This is on top of the 100,000 employees approximately already working on road and rail projects across the country.
The main projects these 300,000 jobs will be created for along the eastern seaboard are:
the New Melbourne Intermodal Terminal, which has an initial $2 billion investment
the Great Western Highway Upgrade between Katoomba & Lithgow (in NSW) which has an investment of $2.03 billion,
the Inland Freight Route Upgrades in Queensland which has a $400 million investment and;
the William Hovell Drive Duplication in the ACT, which has a $26.5 million investment.
The industry-leading publication on Australian Infrastructure, Infrastructure Magazine put together a full breakdown of the infrastructure projects being funded by the 2021-2022 budget according to state. The key projects for NSW, Victoria, Queensland and the Australian Capital Territory as sourced by Infrastructure Australia is as follows:
New South Wales
Total 2021-22 Budget funding: $3.02 billion
Predicted jobs created: 6,500+
$2.03 billion for the Great Western Highway Upgrade – Katoomba to Lithgow – Construction of East and West Sections
$400 million for the Princes Highway Corridor – Jervis Bay Road to Sussex Inlet Road – (Stage 1)
$240 million for the Mount Ousley Interchange
$100 million for the Princes Highway Corridor – Jervis Bay Road Intersection
$87.5 million for M5 Motorway – Moorebank Avenue-Hume Highway Intersection Upgrade
$52.8 million for Manns Road – Intersection Upgrades at Narara Creek Road and Stockyard Place
$48 million for Pacific Highway – Harrington Road Intersection Upgrade, Coopernook
Victoria
Total 2021-22 Budget funding: $2.997 billion
Predicted jobs created: 3,000+
Key projects to be funded include:
$2 billion for an initial investment in a new Melbourne Intermodal Terminal
An additional $307 million for the Pakenham Roads Upgrade
An additional $203.4 million for the Monash Roads Upgrade
An additional $20 million for the Green Triangle and $15 million for the Melbourne to Mildura Roads of Strategic Importance corridors
An additional $56.8 million for the Hall Road Upgrade
An additional $30.4 million for the Western Port Highway Upgrade
$17.5 million for the Dairy Supply Chain Road Upgrades
$10 million for the Mallacoota-Genoa Road Upgrade
Queensland
Total 2021-22 Budget funding: $1.6 billion
Predicted jobs created: 2,800+
Key projects to be funded include:
$400 million for the Inland Freight Route (Mungindi to Charters Towers) Upgrades
An additional $400 million for Bruce Highway Upgrades
$240 million for the Cairns Western Arterial Road Duplication
$178.1 million for the Gold Coast Rail Line Capacity Improvement (Kuraby to Beenleigh) – Preconstruction
$160 million for the Mooloolah River Interchange Upgrade (Packages 1 and 2)
An additional $126.6 million for Gold Coast Light Rail – Stage 3
$35.3 million for the Maryborough-Hervey Bay Road and Pialba-Burrum Heads Road Intersection Upgrade
$10 million for the Caboolture – Bribie Island Road (Hickey Road-King John Creek) Upgrade
Australian Capital Territory
Total 2021-22 Budget funding: $167.3 million
Predicted jobs created: 200+
Key projects to be funded include:
$26.5 million to duplicate the remaining sections of William Hovell Drive
An additional $5 million for Gundaroo Drive Duplication
$2.5 million for upgrades to Beltana Road in Pialligo
$1.2 billion for the digital economy
To see the full list of infrastructure projects across the country click here:
Contact Us
It will be exciting to see these infrastructure projects unfold over the next ten years and the career opportunities they will create for those within the industry. To ensure you can keep abreast of the latest opportunities in the wake of these developments, or to reach out to our team of consultants for a confidential chat about the job market generally, you can contact us here: info@designandbuild.com.au