QLD infrastructure gets a lift
The Federal budget released last week has given a huge boost to Queensland's planned infrastructure development.
The government has set aside $13.4 billion in its Infrastructure Investment Programme for a variety of projects in the Sunshine State, with the aim of improving roads and freight transport linkages. Not only will the plans be an economic asset, creating thousands of new jobs according to a May 13 press release, but they will increase livability and convenience in Australia's third most populous state. First time buyers should pay attention.
Queensland's portion of the government's $50 billion infrastructure plan is one of the largest shares. Of the $6.6 billion of new investment being fast-tracked in the budget for infrastructure, nearly $700 million of it is being delivered to Queensland.
Among the projects that will receive federal funding are $6.7 billion for an updating of Bruce Highway, $929.6 million for an upgrade and widening of Brisbane's Gateway Motorway, $1.285 billion for the Toowoomba Second Range Crossing (TSRC) and $508 million for additional, wider lanes on Warrego Highway.
These are only a fraction of the many infrastructure developments that will make buying a house in Queensland a more feasible option for any.
TSRC a step closer to reality
The speeding up of the TSRC project is perhaps the most significant of the numerous initiatives on the Queensland government's agenda.
The TSRC would be a 41km-long bypass route north of Toowoomba which would run from the Warrego Highway in the east to Gore Highway in the west. It is "the largest federal government commitment to a single regional road project in Queensland history", according to the Queensland treasury. It is expected to increase economic activity in the region by $2.4 billion and by $3.1 billion nationally over 30 years, plus create more than 1,800 full time equivalent jobs during its three-year construction.
An end to Queensland congestion
Jamie Briggs, the assistant minister for Infrastructure and Regional Development, hopes that the works will ease congestion in Queensland's towns and cities, which he argues is costing the Australian economy billions of dollars annually in lost productivity.
Time spent sitting idly in backed up traffic both eats into workers' leisure time and productivity as well as increasing the transport costs for businesses. According to a Royal Automobile Club of Queensland report, the costs of traffic congestion will surpass $20 billion by 2020 in time, fuel usage, travel time, unreliability and pollution. The level of congestion in Brisbane alone was $1.59 billion in 2009.
If this all sounds intriguing, LJ Hooker can help you find a prime piece of real estate in Queensland to take advantage of these developments.