The current global financial crisis which has left the economy of many countries in turmoil has also forced Prime Minister Kevin Rudd to re-evaluate the distribution of the $76billion for infrastructure projects.
Mr Rudd has indicated that tough and unpopular decisions would have to be taken as a result of the financial crisis. Additional assessment criteria will also cover facets for the new national broadband network project along with many other developments. These guidelines include: How projects expand Australia’s productivity; build global competitive advantages; develop cities and regions; reduce greenhouse gas emissions; and improve our quality of life. All proponents will be expected not to overstate benefits and underestimate costs for potential infrastructure grants whilst being able to back up all their claims.
It appears that the time of rhetoric and talk is now over and the time for action is upon us. At least we may see commencement on the NBN project sooner rather than later if this latest announcement is anything to go by.
New guidelines for $76b infrastructure spend
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