Australia, C&L, Cranes & Lifting, Industry News, News

Federal budget invests large in infrastructure

Mobile crane with cloudy sky.

Australia’s 2024-25 Federal budget has allocated $16.5 billion for new and existing infrastructure projects across the country.

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Announced in May 14 in a press release via the Department of Infrastructure, Transport, Regional Development and Local Government, the Federal Government’s budget targets building in Australia, Net Zero, transport, and road safety.

“The Albanese Labor Government is continuing to responsibly invest in and deliver nationally significant, nation-shaping projects for Australia. Our investments in infrastructure, strategic transport and net zero will set up our nation and people for a more prosperous and sustainable future,” said a release from the Department.

“These decisions will drive productivity, boost economic growth, create job opportunities and help to tackle cost of living pressures. They also improve and save lives, ensure that Australia is well placed to compete in the new, net zero economy, revitalise regions and support communities in cities, suburbs and regions.”

In all, the Government has invested $4.9 billion in 69 new projects, including $1.9 billion for Western Sydney road and rail infrastructure, $300 million for METRONET to deliver a capacity signalling program, and $177 million to deliver bridge and intersection upgrades along the Warrego Highway in Queensland.

Additionally, the Federal budget has allocated $10.1 billion to ensure current projects across the country can be delivered, including $3.25 billion for the North East Link project, $1.4 billion for METRONET, and $1.15 billion towards the Direct Sunshine Coast Rail Line in Queensland.

As part of the ‘Future Made in Australia’ plan, the Government has said it will invest $1.7 billion in supporting ARENA to commercialise net zero innovations including low-carbon liquid fuels. In that, the Federal budget has allocated $18.5 million over four years from 2024-25 to develop a certification scheme for low-carbon liquid fuels such as renewable diesel in the transport sector by expanding the Guarantee of Origin scheme.

Furthermore, the Federal budget includes $1.5 million over two years from 2024-25 to undertake a regulatory impact analysis of the costs and benefits of introducing mandates or other demand-side measures for low carbon liquid fuels.

The budget can be read in full here.

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