A new report from the Productivity Commission has highlighted a need for more investment in infrastructure across the country in order to support the growing population in Australia.
The draft report on Public Infrastructure identified a process for the government to improve the level of infrastructure all across Australia through a number of reforms. The Productivity Commission maintains that once passed, these reforms could save the government $1 billion per year.
If implemented, the reforms would stimulate more investment infrastructure in key areas of the country that need it, benefiting homeowners and investors in the regions.
Commenting on the release of the report, the Urban Development Institute of Australia (UDIA) National President Cameron Shephard welcomed the proposed reforms and said there needs to be more infrastructure to "support our growing population and economy".
"By some estimates our infrastructure deficit is as much as 770 billion dollars. Failure to provide greater and more effective investment in infrastructure, particularly urban infrastructure, will drag on Australia's economic productivity, and the quality of life in our major cities," said Mr Shephard in a March 14 statement.
Significant infrastructure projects underway
Despite the UDIA stating there is currently an infrastructure deficit, there is still a large number of crucial projects underway around the country to support population growth and housing demand.
Housing and jobs will be provided through the Parramatta Road Urban Renewal project, while giving local residents access to an improved transport system.
The 20 kilometre corridor between Sydney and Parramatta is expected to generate approximately $12 billion in economic benefits to the state of New South Wales. The project received the green light at the end of 2013 and construction is expected to begin next year.
On top of this, the Parramatta North Urban Renewal initiative is currently underway and will expand the city to accommodate a very fast growing population. Part of the project involves providing both investors and home buyers with an array of different housing types, attracting more people to the thriving region of NSW.
Connecting Parramatta CBD and Westmead, the 146 hectare project will also protect the precious and rich heritage of the region, while also restoring parts of the city.
These are just two of many crucial projects occurring in the state of NSW and many more are expected.
Commenting on the current level of infrastructure investment, Minister for Planning and Infrastructure Brad Hazzard said many of them will "change Sydney and the state for the better".
"Over coming decades these projects will deliver 60,000 homes in NSW for more than 150,000 residents and create 45,000 jobs - while delivering up to $65 billion in Gross Regional Product," he said in a statement.
