PM Malcolm Turnbull reveals urban plan he says will ease housing, traffic

UPDATE: Premier Annastacia Palaszczuk has welcomed Prime Minister Malcolm Turnbull’s 30-minute cities plan - but there’s one problem.

Prime Minister Malcolm Turnbull will announce an overhaul of how infrastructure is funded. Picture: Luke Bowden

PREMIER Annastacia Palaszczuk has welcomed Malcolm Turnbull’s 30-minute cities plan but says he needs to put more than $50 million on the table.

“I welcome Malcolm Turnbull’s initiative here,” Ms Palaszczuk said.

“It is something that the State Government is very willing to partner with the Federal Government when it comes to value capture.

“It is a great concept and it’s something that we need to work together on.”

But she said more money would be needed to build the vital infrastructure needed to make the idea a reality.

“Malcolm Turnbull is talking about putting $50 million on the table,” Ms Palaszczuk said.

“I don’t believe that’s anywhere near enough. It looks like just a little bit of business case palling in the first instance.

“What we do need to see is more money on the table for projects such as Cross River Rail.”

Earlier, The Courier-Mail reported Malcolm Turnbull will today unveil an ambitious plan where people will only have to travel 30 minutes to access jobs, schools and key services.

As part of the plan to ease the nation’s housing affordability crisis and end crippling congestion, the Prime Minister will announce an overhaul of how infrastructure is funded.

A $50 million down payment, allocated from next week’s Budget, will be made to accelerate planning and development of major projects. Picture: Marc Robertson

Private investors in Australia and across the world will be lured to buy government infrastructure bonds, which will help bankroll the Cross River Rail and Gold Coast light rail.

A $50 million down payment, allocated from next week’s Budget, will be made to accelerate planning and development of major projects, including urban rail, and set up a new financing unit with the private sector to help ­attract investors.

But Mr Turnbull will reveal the Commonwealth will also become an investor in some projects if “city deals” between councils and state government can prove they will boost long-term productivity and jobs.

Private investors and governments, including councils, will be able to value capture, ­allowing them to seize financial gains — such as rising property prices and rates — made from projects.

The cities plan — close to the heart of Lucy Turnbull, one of the Prime Minister’s greatest sounding boards — aims to make regional and capital cities more “liveable”.

In 15 years, an extra million people are projected to squeeze into greater Brisbane alone.

The cities plan also aims to help people who live outside the metropolis.

“With more people in our outer suburbs, more people are travelling longer to get to work,” the report says.

“In the absence of good planning, growth can create isolated communities with limited access to opportunities to realise their full potential. Picture: Peter Wallis

“Furthermore, these outer suburbs are often further from choices in education, transport and essential services.

“In the absence of good planning, growth can create isolated communities with limited access to opportunities to realise their full potential.

“The concentration of so many people in one place inevitably results in crowded transport systems in parts of our cities.

“Urban congestion is estimated to cost over $16.5 billion every year, and forecast to reach between $27.7 (billion) and $37.7 billion by 2030.

“One way of responding to our cities’ connectivity needs is through the concept of a 30-minute city … where residents can access employment, schools, shopping, services and recreational facilities within 30 minutes of home.”

Private investors in Australia and across the world will be lured to buy government infrastructure bonds, which will help bankroll the Cross River Rail and Gold Coast light rail.

The plan says supporting access to jobs close to affordable housing may require a combination of:

● Increasing housing supply near job opportunities and transport connections, so more people can live closer to their work, with easy access to transport and services;

● Increasing jobs growth closer to where people already live, by creating new employment zones; and

● Improving connec­tivity between housing and job centres.