Home / Economy / Budget infrastructure grants big boost for construction

Budget infrastructure grants big boost for construction

The Albanese Government has introduced major reforms to its Infrastructure Investment Program, focusing on sustainability and national development.

The 2024 federal budget allocates $16.5bn over the next decade to support a variety of projects aimed at boosting productivity, enhancing livability and promoting sustainability across Australia.

The government has earmarked $4.6bn for 69 new projects. Notably, $1.9bn goes to road and rail infrastructure in Western Sydney, which is expected to significantly improve the region’s transportation network.

In Queensland, $177m is designated for bridge and intersection upgrades along the Warrego Highway, aimed at improving safety and traffic flow.

Tasmania will see $80m directed towards upgrades to the Lyell Highway between Granton and New Norfolk, enhancing connectivity and road quality.

South Australia will benefit from $120m for interchange upgrades on the Princes Highway at Mount Barker and Verdun, improving traffic management and road safety.

The budget also includes $50m for planning Stage 2B of the Canberra Light Rail, which will extend the city’s public transport network.

In Victoria, $12m is set aside for the Bridgewater Road and Portland Ring Road intersection upgrade, aimed at easing congestion and improving safety.

$540m is allocated to improve the reliability of the Australian Rail Track Corporation’s interstate freight rail network. This includes a $150m upgrade to the Maroona to Portland Line in Victoria, which is expected to enhance freight efficiency and capacity..

In Queensland, $1.15bn is allocated towards the Direct Sunshine Coast Rail Line, which will improve connectivity and reduce travel times.

NSW will receive $50m to ensure the delivery of the Appin Road project.

The ACT is set to benefit from $27.1m for the duplication of William Hovell Drive, aimed at improving traffic flow and safety.

As part of the new investments, $158m is dedicated to the Major Projects Business Case Fund, supporting the planning of nationally significant projects.

Addressing the need for increased housing supply, the budget allocates $1bn for the 2023-24 Housing Support Program – Priority Works Stream. This expands an existing $500m commitment, supporting the development of new housing projects.

In preparation for the 2032 Brisbane Olympic and Paralympic Games, the government is spending $249.7m on the Australian Institute of Sport. This will support the construction of an accessible multi-story accommodation facility, a multi-sports dome for all-weather indoor training, and a new High-Performance Training and Testing Centre.

Artwork: Photoshop AI

Tagged: