The 2024-25 federal budget emphasised urgent public concerns over long-term growth, writes ICE Policy Fellow Matthew Colton.
The Australian economy is at its slowest in 23 years.
Investing in infrastructure can boost economic growth, but this often depends on government budgets.
Australia recently announced its 2024-25 federal budget – in which the government emphasised ‘cost of living help and a future made in Australia’ – but does it address this need for growth?
A difficult balancing act
Overall, the 2024-25 federal budget shows an attempt to balance the need for long-term infrastructure investment with short-term ‘quality of life’ improvements in urban and rural areas.
As expected, the budget highlighted investment in social infrastructure, such as healthcare facilities, affordable housing, new hospitals, and care facilities.
The government invested in renewable energy and digital connectivity, and important projects such as Sydney Metro.
However, given the upcoming elections, the treasurer appears to have focused on short-term gains.
As a result, there’s a sense that the budget doesn’t give enough attention to the kind of infrastructure investment that brings long-term, sustainable growth.
Read the full article, written by Matt Colton and Associate Director, Johan Venter here:
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