What the federal budget means for the traffic management industry
There was some great news coming out of yesterday’s federal budget for the traffic management industry. The federal government has announced that it would be investing $14 billion into new and accelerated infrastructure projects.
The announcement includes bringing forward $7.5 billion of spending on road and rail projects, $2 billion for small scale road safety projects and an additional $1 billion for the Local roads and Community Infrastructure program.
The Government has stated that funding will be provided on a ‘use it or lose it’ basis to encourage states and territories to prioritise funding so that infrastructure projects support job recovery. Any unused funding for road safety projects will be reallocated to the states and territories that have successfully used previous funding allocations.
This is exciting news for the Traffic Management Industry as this means the industry should expect an increase in operations, workforce and overall growth over the next two years as these projects look to be fast-tracked.
These projects aim to help drive the recovery from the COVID-19 pandemic. Over the next two years, these fast-tracked projects aim to support over 40,000 jobs across Australia during project construction. This investment is part of the Government’s 10-year transport infrastructure investment plan, which has been expanded to $110 billion and is already supporting 100,000 jobs on worksites across Australia.
Source: Federal Budget