With the new Government of Australia announcing a $2.6 billion investment in rail infrastructure, there is now a new set of changes to the Australian economy and to Australia’s role in the global economy.
With a national focus, and with a focus on rail and transport, the new policy has huge implications for Australia.
The Government has set a target of $500 billion investment over the next 10 years for investment in transport and rail.
This is the largest investment by Australian Government to date in rail and is an investment of $50 billion more than the previous Government’s $50.5 billion investment, which included a major rail upgrade project in Perth.
There is also a new National Infrastructure Facility (NIF) which will invest $2 billion in the state and territory over a period of five years.
It is the first significant infrastructure investment of this kind in Australian Government history.
“The new Government’s policy is a huge achievement in the Australian economic and transport system, and a testament to the Government’s vision for the future of our country,” Mr Abbott said.
“It is a historic step forward and I congratulate Prime Minister Morrison for making it a reality.”
Mr Morrison said the policy would ensure “the nation stays strong, the nation stays connected, and the nation remains well connected”.
“As a government, we are going to work to build a better, more prosperous and more connected nation,” he said.
The new Government has committed to an investment in infrastructure in Australia that is equivalent to the annual cost of an investment by every other Australian Government.
“Our focus is on investment that delivers long-term benefits to the economy, particularly for people living and working in the outer cities,” Mr Morrison added.
“And that includes rail, the rail industry and the transport infrastructure that is built around it.”
The Government’s new policy comes after an election campaign where Mr Morrison pledged to spend $3.6 trillion in the next decade on infrastructure.
He also pledged $2 trillion in spending on infrastructure, including $400 million for the new National High Speed Rail network.
In a statement, Transport Minister Peter Costello said the investment would deliver long-lasting benefits for the economy and the state.
“This is a great opportunity for Australians, for workers and for businesses to invest in the future, and to grow the economy,” Mr Costello added.
A key part of this investment will be investment in the infrastructure of the nation, which includes new and expanded lines and the construction of new stations and terminals, the building of new roads and the establishment of new rail lines and rail facilities.
He said the Government would continue to invest on the Australian National High-Speed Rail Network, including a new $300 million line to Victoria.
Mr Morrison also announced a new infrastructure plan for the nation which will be developed through a public consultation process, including the development of the National High Capacity Rail Network (HCLN) and the $400m investment in a new train depot at Perth.
“There is a lot to be done in terms of getting the freight train system up and running, but we know there is plenty more to do,” Mr Hunt said.