Both public and private corporations could draw some valuable lessons from the Australian Productivity Commissions's latest Public Infrastructure Draft Report.
Strong public infrastructure is valuable for specific industries and the national economy, while private companies will be focussed on obtaining the right architectural products to also contribute to the Australian economy.
Released earlier in 2014, the report contains a number of valuable findings that were open for public feedback before being sent to the federal government. A selection of public hearings were held, along with opportunity for submissions, in order to compile the report.
Details of the report
The report explains that "efficient public infrastructure plays a key role in a competitive and productive economy and the ongoing funding and financing of infrastructure development in Australia is therefore of critical importance."
With increasing demand for funding, there are often "trade-offs to consider", the report noted.
The report discovered that a "comprehensive overhaul of processes in the assessment and development of public infrastructure projects" is needed.
There was specific emphasis on the need to fund projects that represent value-for-money, and avoid those which are wasteful.
Additionally, the report acknowledged that the private sector infrastructure projects could help ease pressures on overall infrastructure delivery, as well as "delivering efficiency gains". However, such projects need to be implemented appropriately.
Inadequate road, port and rail infrastructure are stagnating productivity growth, according to the report. However, there is no single fix to what is a complex issue. For instance, the long shelf-life of certain infrastructure assets is one factor that complicates the decision making process.
Private-sector companies may take a nugget of inspiration from this and focus their attention on getting the nuts and bolts of their businesses right from the get-go. However, with an impressive selection of walkways, industrial flooring, conveyor belts - and more - available from Locker Group, setting up a productive workplace is certainly within reach.
In favourable news, the 2014-15 federal budget includes an $11.6 billion Infrastructure Growth Package that will boost prospects for a range of businesses across the country.