Budget puts infrastructure and construction in focus

It was pleasing to see growth, repair and rebuild as central themes to the Federal Government’s Budget released this week.

This budget continues to put national economic rebuild as the central focus, with investment in large-scale infrastructure and construction – along with residential building incentives – the levers for economic repair.

As Australia’s largest vertically-integrated steel recycling, manufacturing and distribution business, we’re well positioned to play a key role in enabling this journey along with our building and construction partners.

The additional $17.9 billion in infrastructure investment to boost a decade-long pipeline of projects to $120 billion is certainly good news. We’ve been helping build modern Australia for over a century and we support large-scale infrastructure projects. New government procurement rules will also provide expanded opportunities for smaller domestic construction contractors and subcontractors to tender for these works.

The Budget further strengthens Australia’s manufacturing capabilities, with an extra $1 billion boost to the already announced $1.5 billion Modern Manufacturing Strategy.

This ongoing commitment is welcome. The past two years, and recent instability in Eastern Europe, reinforces the need for us to sure up our supply chains and sovereign manufacturing capability during a time of heightened global uncertainty.

Measures to support the Australian dream, of owning – and building – new homes will also play a part in strengthening the economy. The expansion of the Home Guarantee Scheme and the new Regional Home Guarantee build on measures already taken to save building and trades-based jobs during the past two COVID-impacted years.

Temporary bowser-relief, through the fuel excise cut, is also a positive for everyone – particularly builders and tradespeople.

Projected increased activity in the years ahead will require a growing, skilled workforce. Incentives to support people learning trades and to commence training in key workforce shortage areas, coupled with employer subsidies to hire new trainees, is pleasing.

Given the budget measures, and our ongoing strong performance, InfraBuild is looking forward and is well-placed to continue providing solutions for commercial and residential construction, large scale and nation-building infrastructure, primary producers and the rural sector, as together we build a stronger, modern Australia.

Regards,
Vik

Vik Bansal
CEO and Managing Director InfraBuild