Amid growing concerns over Victoria’s COVID-19 situation, the Federal and State Governments have announced a $525 million joint investment for further infrastructure.
The package will deliver “shovel-ready” infrastructure projects and road safety upgrades across Victoria. A total $320 million investment has been provided by the Federal Government under the package, and the Victorian Government will spend $205.5 million.
The Federal Government recently announced infrastructure joint investments with other states across the country.
“Partnering with State and Territory Governments to invest in more infrastructure projects across Australia is a key part of our JobMaker plan to rebuild our economy and create more jobs,” the Prime Minister Scott Morrison said. “This funding injection means we have brought forward or provided additional funding in excess of $830 million to Victoria in the past eight months.
“This package builds on the fast tracking of $514 million for infrastructure in Victoria which we announced last November, locking in priority upgrades that will bust congestion, increase productivity, improve safety, and boost jobs at a time we need it most.”
Premier Daniel Andrews said the projects will help fortify the state’s construction industry.
“This partnership with the Commonwealth will build the projects regional communities need and help keep our construction industry strong – which is more important than ever right now as we rebuild from the pandemic,” he said.
“This package is on top of our $2.7 billion we’re investing in new projects across the state to get shovels in the ground – and boots in the mud – to kickstart our economy.”
Projects to lift Australia’s economy
The Federal Government has also announced it will fast-track 15 critical infrastructure projects across the country in response to the economic turmoil wreaked by COVID-19.
Projects such as Inland Rail from Melbourne to Brisbane, the Marinus Link between Tasmania and Victoria, the Olympic Dam extension in South Australia, numerous road, rail and iron ore projects in Western Australia, and emergency town water projects in New South Wales and Snowy 2.0 have all been included on the Federal Government’s “priority list”.
The priority projects will form a five-year package worth $1.5 billion.
“Joint assessment teams will work on accelerating these projects worth more than $72 billion in public and private investment,” Morrison said last month. “These are projects that will support over 66,000 direct and indirect jobs.”