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Australia investing $75 billion...

Australia investing $75 billion in infrastructure improvements

The Australian government has revealed that $75 billion is to be invested in improving the nation's infrastructure over the next few years.
 
This announcement was made in last week's Budget speech by treasurer Scott Morrison, who explained that one way the government is tackling the country's economic deficit is by investing significantly in improving transport infrastructure across Australia.
 
Billions of dollars are to be spent on strengthening the road, rail and even flight networks that serve the country, with Mr Morrison hoping that these efforts will lead to Australian finances making a surplus from 2021 onwards.
 
The treasurer stated: "We are taking practical action to arrest the deficit and the growth in our debt and are doing all we can to preserve our AAA credit rating. We choose to focus on growing our economy, in particular by investing in infrastructure, to secure more and better-paying jobs.
 
"To support growth, we choose to invest in building Australia, rail by rail, runway by runway and road by road."
 
Significant investment in infrastructure improvements will lead to the creation of new jobs for construction, engineering and transport workers.
 
Unemployment is another issue that the Budget set out to address, so this will go some way in helping to improve the current rate. By 2021, when all of this infrastructure work is set to either be complete or at least well underway, the government wants the unemployment rate to have fallen to 5.25 per cent.
 
The government also hopes that the finished, improved network will make Australia a more attractive place for both leisure and business travellers from overseas. These visitors will then spend more while staying or residing down under, subsequently boosting the nation's economy.
 
Infrastructure projects already in the pipeline as part of this $75 billion investment include the construction of a new airport in Western Sydney, securing funding for a new inland railway between Melbourne and Brisbane, upgraded highways nationwide and acquiring greater ownership of the Snowy Mountains hydroelectric scheme in order to begin an expansion.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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