The Infrastructure Growth Package will provide an additional $11.6 billion for infrastructure projects and will include revenue raised by the reintroduction of indexation of the fuel levy.
The fuel levy will be subject to indexation from 1 August 2014 and will secure $2.2 billion over immediate forward estimates, to be invested in the building of new roads and improving existing roads. Every dollar raised from this measure will be linked to the road-building project.
The Asset Recycling Fund will pool unspent funds from the Building Australia Fund, and Education Investment Fund as well as proceeds from the sale of Medibank Private and other possible privatisations. To be set up from 1 July 2014, the fund will also be used to deliver the Infrastructure Growth Package.
The commitment of $3.7 billion will be used to remove infrastructure bottlenecks and will include:
- Stage 2 of the East West Link in Melbourne
- North-South Road Corridor in Adelaide
- Toowoomba Second Range Crossing in Queensland
- Perth Freight Link
- Northern Territory road upgrades
The fund will also be used to accelerate the Western Sydney Infrastructure Plan which includes major road infrastructure and the new airport at Badgerys Creek.