Australia’s property industry has labelled Infrastructure Australia’s 2021 Priority List a wake-up call for governments to fast-track investment and supercharge economic recovery.
Property Council of Australia Chief Executive Ken Morrison said the new list reveals the scale of the challenge facing the nation to meet growing infrastructure needs.
Infrastructure Australia’s 2021 Priority List, adds 44 new proposals to the $59 billion project pipeline available for consideration by Australia’s governments.
“Infrastructure Australia has thrown down the gauntlet to Federal and State Governments to finally tackle Australia’s significant infrastructure deficit,” Mr Morrison said.
“Of the 180 projects on the list, Infrastructure Australia says we need 67 percent within the next 5 years.”
“While it is promising to see ten projects roll off the list and begin construction, this rate of delivery will see supply continue to fall behind demand.”
The Property Council says the new list presents an opportunity for governments to continue their efforts to stimulate economic recovery while also making progress on Australia’s long-standing infrastructure backlog.
“The very real costs of infrastructure shortfalls are felt by every Australian, whether through congestion, higher costs of doing business, or housing affordability,” Mr Morrison said.
With a federal election on the horizon, the property industry is calling on parties to continue to use Infrastructure Australia and their annual Priority List to depoliticise infrastructure provision.
“Election commitments that do not make progress on these evidence-based priorities are counterproductive,” Mr Morrison said.
“Industry confidence will be buoyed by any bipartisan and cross-jurisdictional efforts to realise these game changing projects as 2021 progresses.”
“Going big on infrastructure investment will not only fast track Australia’s economic recovery from COVID-19, but also set up our communities for high productivity and future success.”
Source: Property Council of Australia