The 2016 Federal budget has allocated $50 billion for ‘critical infrastructure’ to reduce congestion and improve accessibility across major and mid-size Australian cities, with more than $3.4 billion of that dedicated to urban railway projects. According to Build Australia
, this will come as welcome news to anyone who commutes to work or is looking to move further out in search of affordable property or more space.
‘Urban forests’ also featured in the budget. This is a promise of 20 million native trees being planted across Australia by 2020 at a total cost of $70 million. This is important step towards a national green infrastructure policy, but still lacks complete biodiversity, improving public spaces and building more resilient cities.
The Turnbull Government has also promised to maintain the Clean Energy Finance Corporation and the Australian Renewable Energy Agency, cementing the importance of investments in clean energy technology.
Unfortunately, there was no new funding allocated to the above agencies or any other energy-saving groups to assist Australia in reaching its international emission reduction commitments. This lack of support or incentive for the property and construction industry means its unlikely the opportunities for greener construction that already exist will continue to be taken advantage of – especially in cities, where the greatest opportunities exist.
Overall, the government’s investment into urban construction and improving infrastructure will hopefully see our industry expand and new construction opportunities increase over the next five years.