Billions of dollars allocated for transport projects in federal budget

The federal government will be allocating billions of dollars to key transport projects and initiatives in the upcoming 2024/25 federal budget.

Announced by transport minister Catherine King, the budget will include several significant allocations:

  1. Major Projects Business Case Fund: An additional $200 million has been allocated to support the development of business cases for strategically significant transport projects. This funding is intended to promote earlier engagement in project planning, ensuring that projects are well-prepared and aligned with national priorities.
  2. Road Safety Program: A total of $976.7 million over 2023-24 and 2024-25 has been allocated for the Road Safety Program. This program aims to expedite the rollout of life-saving road safety treatments on rural and regional roads, supporting the government’s commitment to delivering on the National Road Safety Strategy 2021-2030.
  3. National Electric Vehicle Strategy: Funding has been allocated to support the implementation of the recently announced National Electric Vehicle Strategy. This includes the development of a Fuel Efficiency Standard for Australia, reflecting the government’s focus on the energy transition and sustainable transport solutions.
  4. North East Link: the federal government will invest a further $3.25 billion to North East Link, taking the total Australian Government funding to $5 billion. Once completed, the North East Link will get 15,000 trucks off local roads each day and reduce travel times by up to 35 minutes.

While the budget did not provide details of significant new transport infrastructure investments, the government has signalled its commitment to strengthening Australia’s $120 billion infrastructure pipeline.

An independent review of major projects is currently underway, and the government is expected to announce further infrastructure investments in the future.

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The Victorian Transport Association (VTA) commended the ongoing investments in road infrastructure.

“In what is clearly a difficult Budget, the VTA is pleased that funding commitments have been maintained for key road infrastructure projects under construction including North East Link and the West Gate Tunnel projects,” says VTA CEO, Peter Anderson.

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