Anthony Albanese (Grayndler, Australian Labor Party, Shadow Minister for Infrastructure and Transport) Share this | Hansard source

Thank you, Mr Deputy Speaker, but the assistant minister shows his vulnerability by his actions. I also want to raise the issue of infrastructure financing, and the government's establishment of the Infrastructure Financing Unit, or the IFU, as we like to call it. This is a solution looking for a problem because, as Infrastructure Partnerships Australia have said very clearly:

We cannot identify any currently proposed infrastructure projects which are commercially viable and not already attracting finance; therefore we cannot see how the IFU will increase the pace of infrastructure project delivery

That is what the peak industry organisation have to say. What is worse is that the unit has been established using funding cut from the actual infrastructure budget—money that was put aside to build roads and railway lines is now being used to create another bureaucracy in the Department of Prime Minister and Cabinet. Of course, Infrastructure Australia is already mandated to perform the task of financing of infrastructure. I ask the assistant minister: is he aware that section 5C, part 2 of the Infrastructure Australia Act 2008 reads as follows:

… Infrastructure Australia has the function of providing advice to the Minister, Commonwealth, State, Territory and local governments, investors in infrastructure and owners of infrastructure on matters relating to infrastructure, including in relation to the following:

…   …   …

(f) mechanisms for financing investment in infrastructure;

And indeed, that is what it has done. The Gold Coast Light Rail line was a $365 million injection from the Commonwealth which led to a project worth over $1.2 billion being constructed, a PPP, organised with Infrastructure Australia's support—with support from the Commonwealth. Similarly, innovative financing arrangements were already in place, with an agreement between the Commonwealth and the Queensland government for the Cross River Rail project. They were in place—and a board was actually appointed for the Melbourne Metro project; again, using innovative financing but not pretending that something can be done for nothing.

The fact is, Mr Deputy Speaker, that when you look at federal infrastructure funding under this government, it goes from $8 billion in 2017-18, the next year down to 6.2, the next year down to 5.1 and down to 4.2 in 2020-21. What is actually happening is that the government is refusing to invest in infrastructure. What is actually happening is that the government is not engaged in cities. And they are onto the assistant minister—who gives the same speech at every forum, and he will give the same one again in a couple of weeks at the Australian Financial Review's National Infrastructure Summit—where there is nothing actually of substance to back up the engagement. They abolished the Major Cities Unit. They have not engaged in important projects like Cross River Rail, Melbourne Metro or Western Sydney Rail along that north-south corridor that is required to open up access to those jobs. I say to the minister: why has he sidelined Infrastructure Australia by establishing the Infrastructure Financing Unit to do the job that Infrastructure Australia, under its legislation, is tasked to do?

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