As a result, the average Australian household will be almost AU$3,000 (£1,500) a year better off by 2040.
Chairman Mark Birrell released the first 15-year Australian Infrastructure Plan yesterday, saying that the country can get the infrastructure it needs and improve living standards and productivity, if it acts now to introduce reforms.
“Our plan sets out 78 recommendations for reform and provides a vision and roadmap to address today's infrastructure gaps, and set us up to meet the challenges of tomorrow,” he said.
He said that development of the plan has prioritised the user—the commuter waiting for a train, the family paying their electricity bill and the business looking to capitalise on overseas markets.
Birrell said if the Plan is delivered, Australians can expect more affordable, innovative and competitive energy, telecommunications, water and transport services.
The plan recommends reforming the funding and operation of transport infrastructure, completing the national electricity market, improving the quality and competitiveness of the water sector and delivering a telecommunications market that responds to user demand.
“By completing the major reforms to infrastructure markets the average Australian household will be almost $3000 better off every year.” he said.
Published alongside the plan is IA's reinvigorated Infrastructure Priority List which identifies 93 projects and initiatives. Key investments on the list are new metro rail systems in Sydney, Melbourne and Brisbane; road and rail initiatives to bust urban congestion in Perth; public transport improvements in Adelaide and Canberra; urban renewal in Hobart; and water supply upgrades to support Darwin's growing population.
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