New VIC Infrastructure Grants, July 2020
With the ongoing effects of COVID-19 pressuring our economy, the Commonwealth and Victorian governments are promised to jointly invest an additional $525 million to help deliver shovel ready infrastructure projects and road safety upgrades.
Prime Minister Scott Morrison has commented that these investments in construction will play a vital part in the JobMaker plan issued by Commenwealth Government to assist the Victorian economy’s recovery from the pandemic.
“Partnering with State and Territory Governments to invest in more infrastructure projects across Australia is a key part of our JobMaker plan to rebuild our economy and create more jobs.”
This financial package results in $830 million being injected into the Victorian economy in the last 8 months. The current initiative is intended to build on the fast tracking of $514 million for construction in Victoria which was announced in November 2019.
Michael McCormack, the Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development stated that the Government has mediated with the Victorian Government to provide additional funding for two important projects. These are the Regional Rail Revival and the duplication of the Princes Highway East between Traralgon and Sale.
The Victorian Government will also provide $179.8 million towards these two key projects and $25.7 million to targeted road safety works. Daniel Andrews, Premier of Victoria has commented that:
“This package is on top of our $2.7 billion we’re investing in new projects across the state to get shovels into the ground-and boots in the mud-to kickstart our economy.”
For further details about these new construction financial packages click here.