Australia could build its way out of the deepest recession since the 1930s through $220 billion in infrastructure projects that would transform the nation | swrighteconomy CroweDM
Australia could build its way out of the deepest recession since the 1930s through a $220 billion pipeline of infrastructure projects that would transform the nation, deliver jobs and sharply increase the nation's long-term productivity.
Four weeks out from the October budget, calls are growing for new and substantial infrastructure projects to address a slump that is now the biggest since the Great Depression. The inquiry is investigating the gains from faster connections from regional cities and towns outside those big cities and how to preserve land now to prepare for the long-term.
Grattan Institute chief executive Danielle Wood estimates another $70 billion in stimulus is required on top of the $180 billion in federal spending already announced and the Reserve Bank's $200 billion emergency lending program.Ms Wood has named infrastructure and social housing as a target for new spending, along with social services and a permanent increase in the JobSeeker rate for the unemployed.
Bigger picture, he says the long-planned Marinus Link - up to two power cables linking Tasmania to Victoria - should be on the government's agenda.
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