Infrastructure, defence and energy security were all highlighted in Treasurer Scott Morrison's Federal Budget last night.
The Government announced $5.3 billion to build the Western Sydney Airport, including the establishment of WSA Co to develop the project and funding for the first stage of airport development. An additional $3.6 billion was provided for infrastructure in western Sydney to build transport links to the new airport.
The Australian and New South Wales Governments are also conducting a joint scoping study to identify the rail needs of Western Sydney and the Western Sydney Airport although no money has been announced for rail links yet.
An additional $8.4 billion is being invested into the Australian Rail Track Corporation to deliver the 1700 km Inland Rail freight corridor between Brisbane and Melbourne via Toowoomba, Parkes and Albury.
The project will involve approximately 500 km of new track and 1,200 km in upgraded existing rail corridors. It promises a transit time of less than 24 hours between Brisbane and Melbourne, saving an estimated 10 hours on the existing route. It will also provide double-stacking capacity on the north-south corridor for the first time, approximately doubling the freight capacity of current trains, making it more competitive with road freight along this corridor.
Other rail funding in the budget included $700 million towards the METRONET rail project in Perth and $500 million for regional passenger rail projects in Victoria.
From a defence point of view, the budget included a $200 billion Integrated Investment Program over the next decade including $34.6 billion in 2017–18. The big ticket items here are the naval shipbuilding program and F-35 Joint Strike Fighter program.
Also rating a mention was a $28.7 million East Coast gas development program, which would target faster development of onshore gas fields to meet local demand.
“This program is an investment in the future of manufacturing and the future of Australian jobs,” said Minister for Resources and Northern Australia Senator Matt Canavan.
“It will help secure the domestic gas market against possible supply shortfalls in coming years, and enable large gas intensive consumers to secure supplies on more acceptable commercial terms."
[Double-stacked rail freight in the USA. Photo: Doug Wertman/Wikipedia]
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