Thursday 9 May – More than $105 billion worth of infrastructure projects are planned or underway across Victoria as the state keeps pace with unprecedented population growth.
The latest quarterly Investment Monitor report from Deloitte Access Economics (DAE) revealed that the value of infrastructure projects in Victoria has grown by $18 billion or 20.5 per cent over the past year.
Treasurer Tim Pallas said that across Victoria, infrastructure projects are being delivered to benefit the state, economy, local economies and Victorian Lives.
“Whether it’s new hospitals, schools or skills, we’re investing in the future of our state,” he said.
“Our unprecedented pipeline of major infrastructure projects means a booming construction industry and tens of thousands of jobs – all working on building a better Victoria for us all.”
The growing investment into Victorian infrastructure bucks the common trend with national investment projects declining by $62.4 billion or 8.3 per cent over the past year.
According to the DAE, there were 100 projects underway across Victoria with an estimated worth of $42.7 billion.
The removal of level crossings and building the Metro Tunnel and the West Gate Tunnel were among the pipeline of major projects contributing to state’s building boom, which has outperformed the nation average by 33.1 per cent over the last decade.
Additionally, Victoria’s economy will also benefit from a total of $37.9 billion worth of private sector projects that are currently planned or underway, according to DAE’s report.