"We have also commenced our broader consultations with state governments, yesterday meeting with New South Wales Premier Mike Baird in Sydney," asserted Assistant Minister for Infrastructure and Regional Development, Jamie Briggs, in a statement released Friday (1 August).
"The Commission's inquiry shows that we must improve the financing, governance and delivery of new infrastructure in Australia to boost our productive capacity and economic growth."
The Government outlined a number of key factors to achieving such growth:
- Address barriers to private sector investment
- Better utilise new innovative financing models to fast-track major projects
- Reduce construction costs of major infrastructure projects
- Improve project selection and long term planning
- That is why we are now seeking feedback from industry and state governments on how to best implement these reforms to ensure we drive down project costs and increase competition.
"We are particularly keen to work with the states and the private sector to improve project tendering, selection and financing so we can build more for less and more quickly," the statement read.
"This is even more important now the Australian Government is investing a record $50 billion in world class infrastructure to grow our economy and create thousands of new jobs.
"Our commitment in the Budget provides more certainty about the projects that will be delivered. Plans for these projects are well advanced and a wave of construction is expected to start late this year and into 2015.
"We want to make sure the best practices are in place to encourage private investment and deliver these projects over the next decade and into the future. We also want to build our reputation as a hub of infrastructure excellence in the southern hemisphere.
"The Australian Government is also leveraging a record $125 billion of public and private investment in infrastructure over the next decade, so it's critical we develop the solutions now to capitalise on the economic benefits these projects will deliver.
"Key industry players from across Australia will attend today's roundtable which, along with our consultations with the states, will help shape our response to the Productivity Commission's inquiry later this year."