Federal government fast-tracks funding for North East Link
Prime Minister Scott Morrison has opened the federal coffers to fund early works for the North East Link— Victoria’s most ambitious roads project.
VIC News
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The federal government has fast-tracked more than $262 million in funding for the North East Link as part of its strategy to use infrastructure spending to shore up the economy.
Prime Minister Scott Morrison has opened the federal coffers to fund early works for the North East Link, Victoria’s most ambitious roads project, which will connect the M80 at Greensborough to the Eastern Freeway.
The money has been provided as part of a $1 billion state and federal funding top-up aimed at busting congestion and increasing road safety. It also comes as a growing number of Victorian infrastructure projects are hit with budget blow-outs due to rising material and labour costs.
“We’ve been working closely with the Victorian Government to identify the projects that are shovel-ready to get them moving,” Mr Morrison said.
“We want these road and rail projects delivered as quickly as possible so Victorians can benefit from better infrastructure and the jobs and investment that come with it.
“We will bring forward $269 million in federal funding for existing projects on top of the $184 million we committed to Stage 2 of the Monash Freeway upgrade back in September.”
The federal government is also immediately releasing $7.1 million for upgrades to commuter car parks along the northern lines of Craigieburn and Hurstbridge.
As well, new funding of $32.6 million has been announced for the South Gippsland Highway realignment between Koonwarra and Meeniyan. The state government will match the funding boost.
The federal government said the overall cost of the project had risen from $50 million to $115.2 million. The State and Federal governments are each contributing $57.6 million.
And an extra $28.7 million will be provided for the Echuca-Moama Bridge, along with $15 million more from the Victorian government. The total cost of this project has increased from $280 million to $323.7 million.
The Monash Freeway costs have risen from $1 billion to $1.3 billion.
Mr Morrison said delivering critical road projects sooner, as part of the government’s $100 billion infrastructure pipeline, was “responsible and considered economic management’’.
Premier Daniel Andrews welcomed the deal.
“I’m pleased to have struck this significant agreement, which will help us deliver the vital second stage of the Monash Freeway Upgrade,” he said.
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“We’ll continue working closely with the federal government to deliver the major projects our state needs and help create Victorian jobs.”
Federal Treasurer Josh Frydenberg said the investments would flow within months.
“There’s $370 million of the new package that will be spent in just the next 18 months to get these projects done,” he said.
“By bringing forward funding for these important road projects we will drive jobs, boost the economy and make Victorian roads and highways safer, while reducing travel times so people can be with their families instead of being stuck in traffic.”