The Government is committing over $70 billion from 2013-14 to 2020-21 to transport infrastructure across Australia, using a combination of grant funding, loans and equity investments. The Government is establishing a 10-year allocation for funding road and rail investments, recognising that many transformational projects are planned and built over many years. This will deliver $75 billion in infrastructure funding and financing from 2017-18 to 2026-27.
The Government is establishing a $10 billion transformational National Rail Program. This program will fund rail projects across the nation that improve urban and regional rail services to better connect our communities.
This Program will allow the Australian Government to partner with States and Territories to plan and deliver key rail infrastructure projects.
Victoria alone will be granted a $1 Billion-dollar infrastructure package with $500 million dedicated to Regional rail including $100 Million to go to the Geelong rail upgrade, $20 Million to the Murray Basin rail upgrade and a further $30 Million will go to the development of new rail to Melbourne Tullamarine Airport.
The Government will also contribute $20 million to partner with proponents of fast rail projects to develop business cases for up to three projects that better connect our cities with major regional centres. These projects will ease pressure on our larger cities, grow our regional cities, and unlock land for more housing.
In a massive win for regional Australia, the Government will fully deliver the Melbourne to Brisbane Inland Rail project, using an additional $8.4 billion equity investment in the Australian Rail Track Corporation and a Public Private Partnership.
Inland Rail will have enduring benefits for regional communities, such as Toowoomba, Parkes and Northern Victoria, and create approximately 16,000 direct and indirect full-time equivalent jobs at its peak of construction. For the national economy it will improve access to markets and provide greater export opportunities for agricultural and other commodities.