If you needed more reasons to invest in Australia, here is one: infrastructure boom is at an all-time high!
See the article written by Eli Greenblat, Senior Business Reporter for The Australian below:
Australia is in the grips of an unprecedented infrastructure boom fuelled by massive building budgets from federal and state governments across roads, rail and renewable energy that is fast approaching a total project spend of a trillion dollars.
The flood of taxpayer and corporate money now being thrown at everything from solar panel and wind farm schemes to railways, sewerage, and telco transmission towers is now seeing activity on the ground, with project commencements up 50 per cent on pre-Covid averages.
However, a deteriorating economic outlook is expected to see growth in business investment slow sharply next year and to remain soft in 2025 as the weaker economic settings prompt many businesses to pause or cancel planned infrastructure investment.
The value of planned projects (those under consideration or possible) increased by $4.6bn over the quarter to $506.4bn, the highest level since the beginning of the gas investment boom in late 2012.
All up, according to Deloitte, infrastructure accounts for almost 80 per cent of the total gain in the value of projects under construction from 2020-21 to 2022-23. And further gains are expected, with $310bn worth of infrastructure projects across the various planning stages.
And with many state governments, especially Victoria, caught up in a frenzy of transport projects, the transport industry is accounting for 60 per cent of the increase in definite activity from the trough in late 2020 to mid-2023.
Click here to read more on The Australian:
Government-led infrastructure boom to hit $1 trillion: Deloitte
By Eli Greenblat, Senior Business Reporter