Infrastructure Australia has declared Stage 2 of the Monash Freeway Upgrade a high priority on the Infrastructure Priority List.
Federal Minister for Urban Infrastructure and Cities Paul Fletcher said Infrastructure Australia’s assessment shows the benefit-cost ratio of the project is a 4.6. This means the benefits of the project are valued at 460 per cent of its costs—showing just how important this $711 million project will be to the Melbourne road network.
“Motorists make more than 470,000 trips on this corridor each day and that’s why the Federal Government is investing $500 million in this vital project—to help ensure those trips become quicker and easier for Melburnians,” Mr Fletcher said.
“Stage 2 of the Monash Freeway Upgrade will add 36 kilometres of new lanes to ease the current gridlock motorists face every day.
“It will slash congestion and improve travel times for drivers across Melbourne’s south east while also ensuring safer journeys,” he said.
Mr Fletcher said there are also important economic benefits by improving access to the growing Monash and Dandenong National Employment and Innovation Clusters, which include Monash University, Monash Medical centre and Dandenong Hospital.
The Federal Government has contributed $500 million to the Monash Freeway Upgrade Stage 2, with the Victorian government contributing $211 million.
Major construction on the project is scheduled to being in mid-2019 and is expected to be completed in early 2022, weather permitting.