The 2023-24 Federal Budget has been released. The budget outlines nation-wide building through a review of Australia’s infrastructure investment pipeline, and new measures for Australia’s cities and suburbs.
An independent review is set to take place of the Infrastructure Investment Program. It is set to it is set to prompt investment in projects that are nationally significant. It will target the momentum and movement of freight, the safety of road users and the connections between cities and regions are strengthened.
The number of infrastructure projects in the pipeline had expanded from 150, to almost 800. Projects were said to be left without adequate funding, resources, or commitment.
The Federal Government is holding commitment to the $120 billion budget over a 10-year pipeline. This review will allow all levels of government time to consider the projects that are priorities and assess its cost and deliverability in the current climate. It is also aimed at fixing the current backlog of projects.
Major Projects Business Case Fund
Additional funding of $200 million has been awarded to replenish the Major Projects Business Case Fund (MPBCF).
The MPBCF funds the development of major project business cases, to engage early on the next phase of significant projects.
This commitment will help to support the government’s new approach to funding future major land transport infrastructure projects, through facilitating earlier engagement in the planning stage and ensuring the broader Commonwealth objectives are considered as projects are developed.
National Urban Policy
The 2023-24 Budget is set to deliver for urban Australia. Development of a National Urban Policy is expected, to address challenges facing major cities – from access to jobs, homes and services, to climate impacts and decarbonisation.
This policy reform will be matched with new programs – Thriving Suburbs and Urban Precincts and Partnerships
The Thriving Suburbs Program is being funded with $200 million over two years from 2024-25. This is set to provide locally driven grants addressing shortfalls in community infrastructure in urban and suburban areas.
The Urban Precincts and Partnerships Program will receive $150 million to support investment in urban Australia. The goal of this being to unifying urban places, growing economies and serving communities. This program will fund the development of precincts through planning, design, and consultation – leading to business cases for investment-ready proposals. It will also fund a stream to support delivery of larger scale precinct projects.
Cities and Suburbs Unit (CSU)
A new CSU is set to be established to deliver the stated work, including the State of the Cities reports, which provide an accurate and up-to-date picture life in Australian cities. The CSU will also have oversight on National Cabinet urban planning matters to be discussed in Planning Ministers’ Meetings.
National Road Safety
The Federal budget has also committed funds to Vision Zero – zero deaths and serious injury due to road crashes, by 2050. Improving regional and remote road safety are two priorities identified in the National Road Safety Strategy 2021–2030.
The Black Spot Program is expected to receive $110 million-per-year to improve road safety across the nation.
The new National Road Safety Action Grants Program (NRSAGP) will receive $43.6 million over four years. The NRSAGP provides non-infrastructure grants to help implement the National Road Safety Action Plan 2023–25 with a focus on First Nations road safety, vulnerable road users, community education and awareness, technology, innovation, research and data.
$16.5 million will go to the Car Safety Ratings Program to improve testing protocols for new light vehicles and provide safety evaluations for used vehicles.
The Road Safety Program will have access to $976.7 million, available across 2023–24 and 2024–25, for the continual delivery of road safety improvements, building on the 1400 projects delivered to date.
More Budget Breakdown
The Government will invest up to $2.5 billion for the Brisbane Arena development, in preparation for the Brisbane 2032 Olympic and Paralympic Games. Up to $935 million in contributions will be made for a further 16 new or upgraded venues to be jointly funded in partnership with the Queensland Government.
Macquarie Point in Hobart will receive $240 million to support its development. This investment is a broader urban renewal precinct, including construction of affordable housing and Macquarie Point Stadium.
The budget will also match Tasmanian Government funding of $65 million, for upgrades to the UTAS Stadium in Launceston.
For more information on the 2023-24 Federal Budget, click here.