Plenary Group calls for greater Federal infrastructure funding

MELBOURNE, AUSTRALIA - Leading infrastructure developer, Plenary Group, has called on the Federal Government to significantly increase infrastructure funding following this week’s release of Queensland’s Draft State Infrastructure Plan and Infrastructure Partnership Australia’s Infrastructure Investment Report.

Plenary Group Director, Mr Ray Wilson, said the release of these two documents in the same week has sharpened the focus on the funding required to meet Australia’s growing infrastructure gap.

“Taken together, the reports demonstrate there is no shortage of strong planning by State Governments on the one hand, and no shortage of private capital willing to invest in infrastructure,” Mr Wilson said.

“The other necessary ingredient of Federal funding has shown it can have an immediate impact on getting projects to the starting gate, but a step change in the extent of federal funding is required.”

There is a growing urgency to move quickly. Infrastructure Australia has forecast that the population of Australia’s capital cities will grow 45 per cent on average by 2031[i], the demand on current infrastructure and the need for new infrastructure is now critical.

With such long lead times for delivery, unless the Federal Government takes significant forward action now, it may well prove impossible to meet the looming demands of Australian population growth. 

The Queensland Draft State Infrastructure Plan identified hundreds of projects that could be delivered over the next 15 years and it is a welcome and constructive long term approach – projects like Cross River Rail project are potentially city-changing for Brisbane.

In the current climate, infrastructure projects throughout Australia have access to debt and equity markets at highly competitive prices and one of the most competitive construction markets for many years.

With Infrastructure Partnership Australia reporting an overwhelmingly positive appetite for Australian infrastructure among investors, now is the right time for greater federal infrastructure funding to leverage this capital.

Executive Director, Communications
+61 3 8888 7754
+61 418 530 806
chris.whitefield@plenary.com