CCF Urges Government to Increase Infrastructure Activity
CCF (National) has urged the Federal Government to take advantage of the Reserve Bank’s most recent interest rate cut and use debt borrowing to reignite the slowing economy.
CCF is extremely concerned with the latest ABS Engineering Construction Activity data which confirms the volume of civil construction activity across Australia fell to a two-year low during the March 2019 quarter, down a massive 12.2% compared to this time last year.
CCF CEO Chris Melham said – “every Australian should be concerned with the downturn in civil construction activity – our cities will continue to experience ongoing congestion, whilst rural and regional Australia continue to fall further behind on both economic and social grounds.
“The Australian economy needs an immediate and ongoing injection of ‘shovel ready’ productive infrastructure projects, followed by a 10-15 year pipeline, a position that the CCF has been pushing since 2016”, Melham said.
“Whilst the Federal Government’s 10 year, $100billion infrastructure investment program is welcome, it is simply not enough. Successive Reserve Bank Governors have backed ‘debt funding’ to boost productivity growth through initiatives that encourage research and innovation, as well as investing in productivity-enhancing infrastructure.
“I would also urge the newly elected Labor Party Leader, the Hon Anthony Albanese MP, to engage with the Federal Government and adopt a bipartisan approach to Australia’s Infrastructure Investment Program. Both parties ran a very high profile infrastructure agenda throughout the Federal election campaign and have a responsibility to deliver on their election promises to all Australians – now is the time to walk to walk.”