Inland Rail studies uncover new investment opportunities
Two new Inland Rail studies have found prospective investment opportunities that could…
9 July 2020
The Federal and Victorian Governments will join together to deliver an additional $525 million as a joint investment in construction jobs across Victoria.
Funding will contribute to infrastructure projects that are ready to go, as well as urgent road safety improvements.
Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Michael McCormack said the Federal Government has worked with the Victorian Government to provide further funding for two key infrastructure projects.
“We are providing an additional $178.2 million towards the Regional Rail Revival package in Victoria, bringing the total Federal Government contribution to this project to $1.8 billion,” Mr. McCormack said.
“The Federal Government will also provide an additional $70.6 million in funding to complete the duplication of the Princes Highway East between Traralgon and Sale, bringing the total Federal Government contribution to $202.6 million for this project.”
Prime Minister Scott Morrison said further investment in infrastructure would play a critical role in the Commonwealth’s JobMaker proposal and help the Victorian economy as it recovers from the COVID-19 pandemic.
“This package builds on the fast tracking of $514 million for infrastructure in Victoria which we announced last November, locking in priority upgrades that will bust congestion, increase productivity, improve safety, and boost jobs at a time we need it most,” he said.
Federal Treasurer Josh Frydenberg said the extra $320 million in federal funding had taken the Federal Government’s infrastructure investment in Victoria to more than $29.5 billion.
“Federal funding for this package has been drawn from the recently announced $1.5 billion allocation to priority shovel-ready projects and targeted road safety works and is in addition to our existing commitments,” Mr. Frydenberg said.
The Victorian Government will also contribute $179.8 million towards the two key projects and $25.7 million for targeted road safety works.
Victorian Minister for Transport Infrastructure Jacinta Allan said this investment built on the State Government’s investment in roads and rail in regional Victoria.
“We’re building the transport infrastructure to support better connections to our regional cities and country towns and deliver safer roads and more reliable regional rail journeys.”
The jointly-funded package is backed by investments from the Federal Government ($320.3 million) and Victorian Government ($205.5 million).