The Albanese Government is committed to delivering the infrastructure Australia needs, creating jobs and growing the economy while not increasing pressure on inflation.
The independent strategic review found that the Infrastructure Investment Program inherited from the former Coalition Government was undeliverable.
Under the Liberals and Nationals, the number of projects in the Infrastructure Investment Program blew out from nearly 150 to 800.
Many projects lacked proper planning, didn’t have informed costings and weren’t ready for Commonwealth investment.
The review found an estimated $33 billion in known cost pressures across all projects in the program and there is a high risk that figure could increase.
Now that the review has been completed and after considered consultation with the States and Territories, the government has a forward plan of projects that are properly planned and targeted to unlock significant economic, social and environmental objectives.
Here in Newcastle, funding has been confirmed for the following projects:
| Project name | Total Australian Government funding ($) |
| High Speed Rail Authority Priorities | $500,000,000 |
| Newcastle Inner City Bypass, Rankin Park to Jesmond | $360,000,000 |
The Albanese Government also has a concrete plan for the Pacific Highway with the M1 Pacific Motorway Extension to Raymond Terrace confirmed, of great significance to the region.
In our region and across Australia, the Albanese Government is delivering infrastructure that make communities safer, promotes productivity and unlocks the potential of cities, towns and regions.
Infrastructure, Transport, Regional Development and Local Government Minister Catherine King said:
“The Albanese Government is committed to delivering infrastructure that builds Australia and improves lives. To do this, we need an infrastructure program that is fit for purpose, fiscally responsible and above all, deliverable.
“We are delivering infrastructure that creates jobs and helps wages grow, and makes our communities better connected and more livable.”
Federal Member for Newcastle, Sharon Claydon MP said:
“Establishing a High Speed Rail network between Sydney and Newcastle remains a priority for the Albanese Labor Government with a recommitment today of $500 million.”
“The High Speed Rail Authority Board has been set up and held its first board meeting here in Newcastle – a milestone achievement that recognises the lead role our city will play in shaping high-speed rail in Australia.
“Newcastle and our region stands to benefit enormously from the Albanese Labor Government’s commitment to get work on high-speed rail underway – cutting carbon, delivering better connectivity and creating good local jobs and opportunities for industry and business alike.
“It’s time to make high-speed rail a reality in Australia.”