The federal government plans to kickstart the country’s economy by injecting $1.5 billion into infrastructure projects across Australia.
$1 billion of the funding will be given to fast tracked ‘shovel-ready’ projects in an attempt to create jobs and accelerate economic growth.
“As we come out of this COVID crisis, and as we are on this road ahead, infrastructure development will play a critical role in our jobmaker plan,” Prime Minister Scott Morrison said.
The Prime Minister announced that 15 major projects have been fast-tracked for approval nationwide including transport, energy and industrial projects which he believes will create 66,000 new jobs directly and indirectly.
This priority list includes the Inland Rail from Melbourne to Brisbane, the Marinus Link between Tasmania and Victoria, the Olympic Dam extension in South Australia, emergency water projects in NSW and road, rail and iron ore projects in WA.Prime Minister Scott Morrison
Shovel ready projects will see their assessment and approval times reduced by 50 per cent from 3.5 years to 21 months in an attempt to get things moving quicker.
Scott Morrison went on to praise the efforts of the NSW government for the progress made on a major renewable energy project.
“I commend the NSW government who we have been working with and who are on track to complete commonwealth assessment and approval for the Snowy 2.0 project in under two years, unlocking over 2,000 regional jobs,” he said.