5 years ago
ERNST & YOUNG URGES MORRISON TO ACT ON INFRASTRUCTURE
ANDREW GILES MP
Consulting giant Ernst & Young is urging the Morrison Government to invest in ‘shovel ready’ infrastructure across Australia.
Ernst & Young’s modelling shows investment in ‘shovel ready’ infrastructure would create more than 5,000 jobs and inject an extra $800 million into the economy.
It’s time for Scott Morrison and Michael McCormack to step up and invest in the infrastructure Australia needs – this must be productivity enhancing infrastructure.
EY chief economist Jo Masters has warned: “The economy is losing momentum quite quickly. The growth base is narrowing, the headwinds from offshore are rising.”
No more excuses, Mr Morrison. It’s time to act.
The Reserve Bank Governor has called for greater investment in infrastructure seven times since the election.
Congestion continues to get worse – commuters in Sydney are experiencing a massive 71-minute average journey to and from work each day, while Melbournians are spending an average of 65 minutes on their commute. Even worse, Infrastructure Australia predicts road congestion costs on our major cities will more than double by 2031.
Economic growth is at its lowest levels in a decade - just last week the OECD’s Interim Economic Outlook substantially downgraded Australia’s economic growth forecasts to only 1.7 per cent this year and 2.0 per cent next year.
This follows revelations that the Morrison Government spent $11.6 million of taxpayers’ money on pre-election ads spruiking it’s so called ‘congestion busting’ infrastructure – yet have so far failed to start a project from their Urban Congestion Fund.
Our economy needs stimulus and the Australian people need better infrastructure to improve their lives.
The Prime Minister must end the spin and get to work on a real plan for infrastructure.
Ernst & Young’s modelling shows investment in ‘shovel ready’ infrastructure would create more than 5,000 jobs and inject an extra $800 million into the economy.
It’s time for Scott Morrison and Michael McCormack to step up and invest in the infrastructure Australia needs – this must be productivity enhancing infrastructure.
EY chief economist Jo Masters has warned: “The economy is losing momentum quite quickly. The growth base is narrowing, the headwinds from offshore are rising.”
No more excuses, Mr Morrison. It’s time to act.
The Reserve Bank Governor has called for greater investment in infrastructure seven times since the election.
Congestion continues to get worse – commuters in Sydney are experiencing a massive 71-minute average journey to and from work each day, while Melbournians are spending an average of 65 minutes on their commute. Even worse, Infrastructure Australia predicts road congestion costs on our major cities will more than double by 2031.
Economic growth is at its lowest levels in a decade - just last week the OECD’s Interim Economic Outlook substantially downgraded Australia’s economic growth forecasts to only 1.7 per cent this year and 2.0 per cent next year.
This follows revelations that the Morrison Government spent $11.6 million of taxpayers’ money on pre-election ads spruiking it’s so called ‘congestion busting’ infrastructure – yet have so far failed to start a project from their Urban Congestion Fund.
Our economy needs stimulus and the Australian people need better infrastructure to improve their lives.
The Prime Minister must end the spin and get to work on a real plan for infrastructure.