How fast-tracked billions could transform economy
Approval times on major projects would dramatically drop in a Federal Government plan to fast-track billions of dollars in building works to supercharge Victoria’s post-pandemic economic recovery.
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Approval times on major projects would dramatically drop in a Federal Government plan to fast-track billions of dollars in building works to supercharge the post-pandemic economic recovery.
Prime Minister Scott Morrison yesterday announced he would move to slash approval times for projects like roads and rail projects, while locking in increased flexibility in regulation across all sectors.
Speaking at the CEDA conference, Mr Morrison said the pandemic had highlighted the importance of removing barriers to businesses for growth.
Victoria was singled out as the state with the biggest job ahead of them, having been hardest hit by job losses.
“The impacts are across all states and territories and, so far, worst in Victoria,” Mr Morrison said.
“Our jobs challenge is a truly national task.”
More than $100 billion of economic activity has been lost so far this year.
Mr Morrison estimated it would take two years to return to pre-COVID-19 levels.
“We are looking at a record deficit this year and next, and not just because of record COVID-19 expenditures,” he said.
Higher taxes and harsh cuts to public services were ruled out, but Mr Morrison said endless government support for individuals and businesses would not serve the country.
Victorian Treasurer Tim Pallas also addressed the CEDA conference yesterday, flagging a number of tax reform options including dumping stamp duty as the state economy recovered.
“We’re going to see substantial structural change in our economy, whether we like it or not,” he said.
He said he wanted to take advantage of unprecedented communication between the states, territories and the Federal Government as the economy rebuilds.
“This is an opportunity,” Mr Pallas said.
“Of course it's a crisis, one that had a profound effect on people’s lives and wellbeing, but … it is an opportunity to utilise the consensus and the shared concerns for our communities and our economies to build for the future.”
Unemployment was projected to hit 11 per cent in Victoria under the state government projections, but the earlier easing of restrictions have spared the state on some level.
While the worst of the impact has been avoided following Australia’s success in flattening the curve, Mr Pallas said he knew the recovery would be tough and reform would be key.
“The state of Victoria has been looking to how we reform our building industry and how we support it,” he said.
“If we’re going to drive reform. we’ve got to build consensus.”
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