Chancellor Josh Frydenberg said the government would expand its 10-year infrastructure pipeline with AU$14bn in new and accelerated infrastructure projects aimed at boosting productivity and delivering long-term benefits.
“We are building the infrastructure we need for the future,” he said.
While the Budget did not consider privately financed projects, Frydenberg highlighted the importance of the private sector in helping kickstart the country’s economic recovery.
“Eight out of every ten jobs in Australia are in the private sector,” he said. “It is the engine of the Australian economy.
“It needs a kick-start.”
To this end, Frydenberg announced an expansion of the Instant Asset Write Off programme that has allowed businesses to write off the value of eligible assets they purchase for their businesses.
The move could significantly boost the potential for construction companies to scale-up their businesses to meet the needs of the government’s infrastructure programme.