A Fairer Share For Regional Australia
The Hon Anthony Albanese MP
Minister for Infrastructure & Transport
Leader of the House
Federal Member for Grayndler
May 10 2011
The Gillard Labor Government will reinvest $6 billion of the wealth created by our natural resources to build the road, rail and port infrastructure which will support the mining industry’s future growth, and the local communities that work for it.
Subject to the passage of the legislation, a proportion of the revenue raised by the proposed Minerals Resource Rent Tax (MRRT) over the next 10 years – will go into the new Regional Infrastructure Fund (RIF) to deliver projects assessed by Infrastructure Australia.
Projects committed to during the 2010 election will be funded in the 2011-12 through existing funds in the Regional Infrastructure Fund. These projects are ready to start straight away as part of the existing Nation Building Program.
This funding from the Regional Infrastructure Fund will be used to:
• Complete the remaining section of the Townsville Ring Road (up to $160 million);
• Upgrade the intersection between the Bruce and Capricorn Highways (up to $40 million);
• Build the Gladstone Port Access Road (up to $50 million);
• Construct a new interchange along the Warrego Highway at Blacksoils (up to $54 million);
• Upgrade the Peak Downs Highway (up to $120 million);
• Invest in the Western Australian Government’s ‘WA Gateway’ project, an extensive upgrade of the road network around Perth Airport and the nearby industrial estates (up to $480 million).
• Undertake the Mackay Ring Road Study (up to $10 million); and
• Undertake the Scone Level Crossing Study (up to $2 million).
Guidelines for future investments from the RIF are currently being finalised and will be released shortly.
Allocations between the states and territories will be based on their share of total mining production over time, with Queensland and Western Australia expected to receive the lion’s share with over $2 billion each.