NSW is leading Australia in public infrastructure investment, according to the 2019 Australian Infrastructure Budget Monitor, released last week by Infrastructure Partnerships Australia.
“For three years running, NSW has stayed ahead on the national league tables with an impressive infrastructure agenda,” Infrastructure Partnerships Australia chief executive Adrian Dwyer said.
“Over the next four years, NSW will spend more than $71 billion on projects right across the state, 18.4 per cent of total planned budget expenditure. Victoria is close on the NSW Government’s heels, with more than $53 billion committed to infrastructure over the next four years, a massive $13.4 billion increase from Victoria’s last budget.”
NSW and Victoria dominate Australia’s infrastructure funding in overall spend and share of total expenditure this year, accounting for 68 per cent of total infrastructure funding across Australia.
The Australian Infrastructure Budget Monitor shows that $185 billion in taxpayer money is being invested in Australian infrastructure, a significant increase on the $153 billion total national funding level seen last year. NSW and Victoria this year contributed a combined total of $125 billion in budgeted spending.
“It’s good to see that despite significant revenue pressure, states and territories across Australia have responded to our call to continue pressing the pedal on infrastructure spending,” Dwyer said.
“Australia faces an unprecedented population and productivity growth challenge that must be met with sustained spending on transport, hospital, and school projects right across the country.”
States who embrace asset recycling have been able to tap into a major pool of investment to fund large-scale infrastructure projects, shows the 2019 report.
“The sale of TAB Corp and the partial commercialisation of Landgate will help to bolster infrastructure spending in WA and put the state in a good position for continued economic growth,” Dwyer said.
“While there was no change in Western Australia’s ranking from last year, the McGowan Government is making sensible reforms to sustain higher levels of infrastructure funding in the future.”