The Albanese Government will undertake a review of its multibillion-dollar Infrastructure Investment Program.
We are maintaining our strong commitment to a 10-year $120 billion infrastructure pipeline, whilst ensuring the land transport infrastructure projects we deliver are nationally significant, and nation-shaping projects.
Under the Liberals and Nationals, the number of infrastructure projects in the pipeline blew out from nearly 150 to 800, but their appetite for announcing projects wasn't matched with a commitment to deliver.
Projects were left without adequate funding or resources, projects without real benefits to the public were approved, and the clogged pipeline has caused delays and overruns in important, nation building projects.
Many projects under the Liberals and Nationals, never even started.
Some 160 projects, had a commitment of $5 million dollars, or less.
Yet again, the previous government were all announcement, no delivery.
The proper management of the $120 billion infrastructure investment pipeline should lead to projects that are able to be built, that have a lasting benefit for Australia, and enhance our economic and social productivity and prosperity.
Australia is paying the price for a decade of economic mismanagement under the Liberals and Nationals.
They left a $1 trillion in debt, dozens of essential government programs without funding, and infrastructure projects substantially underfunded.
Leaving these fiscal time bombs wasn't an accident, it was their deliberate budget strategy, covering up their incompetence and hoping Australians wouldn't find out.
It would be irresponsible of the Government not to act to fix this.
Australia should have a pipeline of land transport infrastructure projects that are genuinely nation-building, economically sustainable and resilient to our changing climate.
The 90-day independent review is responsible action by the Albanese Government.
State and territory governments agreed to support this review at National Cabinet, and local governments will be consulted throughout the review.
This process will allow all levels of government time to consider the projects that are actual priorities and assess their cost and deliverability in the current climate.
We remain committed to delivering our election commitments and following through on projects already under construction.
This review will be undertaken by Mr Reece Waldock AM, Ms Clare Gardiner-Barnes and Mr Mike Mrdak AO, who all have extensive expertise in land transport infrastructure.
Australian Government funds will be spent in accordance with Australian Government values with longer term sustainable spending based on the national interest.
Quotes attributable to the Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King:
"A properly functioning infrastructure investment pipeline means projects can be delivered with more confidence about timeframes and budgets.
"Easing the pressure on the construction sector will help drive inflation lower and deliver more predictable investment and delivery outcomes from governments.
"Communities will benefit from national significant infrastructure with shorter and safer travel, more liveable cities, suburbs and regions, while the economy benefits from the certainty brought by a smoother delivery of investment matched to project timelines.
"Importantly for industry, projects under construction will proceed and we have committed to maintain significant infrastructure investment for the medium term.
"It is time to clean up the mess left by the Liberals and Nationals clogging the pipeline with 'press release projects' - announced but unable to be delivered. "This review will put confidence back into the investment pipeline, benefitting the states and territories and the communities we all serve."
