A $12-million industrial infrastructure fund will be established to help companies secure investment and investment opportunities in the next three years, the federal Labor Party announced on Tuesday.
Key points:Industry Minister Steven Ciobo says a $12m fund will help companies find opportunities in AustraliaIndustry minister says the government is working on a national infrastructure fundThe fund will fund infrastructure projects that help companies increase their productivityIndustry, industry councils and other stakeholders will be consulted on the plan to create the fund, which will be created by the Infrastructure Australia Committee (IAC) which will oversee the construction of infrastructure projects and investment across the country.
The Infrastructure Australia Fund will include $2.2 billion over the next five years for the construction and maintenance of infrastructure in the private sector, the finance minister announced.
This will include the construction, operation and maintenance, the purchase and sale of public assets and the development and delivery of infrastructure to support the nation’s industrial economy, Mr Ciobo said.
“It is our commitment to invest in infrastructure to ensure our industrial base is strong and our economy is growing,” Mr Ciobos said.
Mr Ciobo has also announced the creation of a new Indigenous Infrastructure Development Corporation to support Indigenous industries in Australia.
This comes after the government last year announced $50 million in funding for the $1.5 billion Indigenous Infrastructure Investment Corporation to fund a wide range of infrastructure improvements.
In its announcement on Tuesday, the Labor government said it would also set up a fund to assist companies to expand their capacity and hire more staff.
The announcement comes ahead of the Federal Government’s 2020 Federal Budget on March 31, when it is expected to be announced that the federal government will spend $7.8 billion on infrastructure, including infrastructure projects, to help create more jobs.
Topics:mining-industry,energy,energy-and-utilities,government-and/or-politics,government,federal—state-issues,industry-and,finance,national-security,australiaFirst posted March 25, 2019 13:50:34Contact Anna Maitland