Thursday, Jun 4, 2015Thursday, Jun 4, 2015

Australia to invest $96b in roads as part of 'contribute and build' budget

Published on May 11, 2014 6:01 PM

PERTH (REUTERS) - The Australian government will co-fund an A$82 billion (S$96 billion) road infrastructure plan to help stimulate investment and create jobs as the impact of the country's mining boom fades, Treasurer Joe Hockey said on Sunday.

In a television interview ahead of his government's first annual budget, to be delivered next week, Hockey announced the plan to spend more than A$40 billion on roads over the next six years, to be topped up by some A$42 billion from state governments and private investors.

"We are laying a plan for the biggest increase in road expenditure in Australian history," Hockey told the Channel Nine Network. "That is tens of thousands of new jobs, but most importantly, it is going to address the significant drop-off in investment in construction in Australia associated with mining investment coming off."

He dubbed the economic blueprint his government will deliver on May 13 a "contribute and build" budget.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!