What you need to know about the 2018 budget

2018 Budget - what you need to know

The infrastructure projects being improved upon on a state- and territory-based level are:

Queensland

•$5.2 billion for new major projects, which include:

1. An additional $3.3 billion for upgrading the Bruce Highway;
2. An additional $1 billion for the M1 Pacific Motorway;
3. $390 million for the Beerburrum to Nambour Rail Upgrade;
4. $300 million for the Brisbane Metro project; and
5. $170 million for the Cunningham Highway — Yamanto to Ebenezer (Amberley Interchange).

The Great Barrier Reef

Queensland’s Great Barrier Reef was mentioned in particular, which includes:

•$535.9 million being given to it in order to support the World Heritage-listed site and the jobs it creates,

•$443.8 million to partner with the Great Barrier Reef Foundation to support the reef,

•$200.6 million to improve water quality,

•$100 million towards coral restoration and adaption research,

•$58 million towards programs for the crown-of-thorns starfish,

•$40 million towards reef health monitoring and reporting; and

•$44.8 million for plan delivery and engagement with traditional owners and the broader community for reef protection.

New South Wales

•$1.5 billion is being contributed towards new projects, which include

1. $971 million for the Pacific Highway Coffs Harbour Bypass;
2. $400 million for the Port Botany Rail Line Duplication;
3. $155 million for the Nowra Bridge;

•The Commonwealth and NSW governments will be equally funding the first stage of the North South Rail Link in Western Sydney; and

•The construction of the Western Sydney Airport will commence this year with up to $5.3 billion of government equity being contributed as part of stage one, with approximately 28,000 direct and indirect jobs to be created as a result by 2031.

Victoria

•$7.8 billion for new major projects, which include:

1. Up to $5 billion for the Melbourne Airport Rail Link;
2. $1.8 billion for the North East Link;
3. $475 million for Monash Rail;
4. $335 million for electrification for the Frankston Line to Baxter;
5. $140 million to improve congestion;
6. $132 million to complete the duplication of the Princes Highway East from Traralgon to Sale;
7. $50 million for Geelong Rail Line upgrades; and

•$9.3 billion for the Melbourne to Brisbane Inland Rail project estimated to start this year, with an approximate 16,000 direct and indirect jobs created during construction.

Western Australia

• $2.6 billion for new major projects, which include:

1. An additional $1.1 billion for the METRONET rail project;
2. $944 million to tackle congestion in Perth
3. $560 million for the Bunbury Outer Ring Road.

South Australia

• $1.8 billion for new major projects, which include;

1. $1.4 billion for North-South Road Corridor projects;

◾$177 million for the Regency Road to Pym Street section;

1. $220 million for the Gawler rail line electrification; and
2. $160 million for the Joy Baluch Bridge.

Tasmania

•$461 million for the Bridgewater Bridge replacement; and

•An additional $59.8 million for the Tasmanian Freight Rail Revitalisation package.

Australian Capital Territory

•$100 million for the Monaro Highway upgrade.

Northern Territory

•$280 million for upgrades to the Central Arnhem Road and the Buntie Highway.

Regional infrastructure

Looking to the regional areas of Australia:

•$200 million will be injected for a third round of the Building Better Regions fund in order to support regional infrastructure and community investment; and

•$272 million is being added to the Regional Growth Fund and is predicted to create more jobs.

More detailed coverage and expert analysis will follow on Smart Property Investment, so stay tuned.