Apr 3, 2007

Intergenerational Report highlights need for infrastructure investment

Intergenerational Report highlights need for infrastructure investment

MEDIA RELEASE – ANTHONY ALBANESE MP

3 April 2007

The Intergenerational Report highlights the need for a strong modern nation building agenda.

We must secure productivity beyond the mining boom and this requires sustainable investment in the productive capacity of the economy, including through national infrastructure investment.

The Council for Economic Development of Australia points out that investment in infrastructure generates higher returns than investment in other areas.

To overcome the current shortfall in infrastructure, which the BCA estimates to be $90 billion, the Australian Government needs to take pressure off our ports and invest in export and transport infrastructure.

As well as our ports feeling the pressure, Australia’s telecommunications infrastructure is outdated, our major cities must be made strong and sustainable, and we need investment in water and clean energy infrastructure if we are to overcome current and future economic and environmental challenges.

A coordinated nation building agenda requires national leadership and industry groups across the nation have been calling for just that.

Howard government reform complacency has left Australia ranked 20th out of 25 OECD countries for its investment in public infrastructure as a proportion of GDP.

The Howard Government has failed to invest in the drivers of productivity.

Government complacency on infrastructure is central to this productivity failure.

Labor has a positive and practical plan to revive our ageing infrastructure.

Federal Labor has committed to establishing Infrastructure Australia, a Commonwealth Statutory Authority to facilitate the planning, regulation and development of infrastructure.

Labor believes that investment in infrastructure will increase economic growth and living standards.

Labor will deliver the national infrastructure needed to secure Australia’s future.