Australia has swung into an infrastructure boom, with spending accelerating on big-ticket public infrastructure – roads, railways, runways, tunnels, dams and electricity generation and distribution facilities. The infrastructure boom is taking over from mining construction, and as broker CommSec points out, the centre of construction activity is no longer Western Australia, Northern Territory and northern Queensland, but rather the growing population centres of south-east Australia.
Australia is spending more on infrastructure now than at any time in the past 30 years – almost $100 billion in the last financial year alone, according to the Reserve Bank of Australia (RBA). And the next few years are likely to be even bigger. Nationwide, the Australian Infrastructure Budget Monitor shows that almost $130 billion dollars is being invested in infrastructure on the eastern seaboard alone.
In Victoria, more than $100 billion worth of new roads, rail lines, hospitals, skyscrapers, prisons, wind farms and other infrastructure is being built or planned, Queensland has about $20 billion worth of work being done in Brisbane alone, and Western Australia has a $60 billion pipeline of infrastructure projects, according to CBRE, with $13 billion earmarked for projects in the Perth metropolitan area.