Bill Shorten pledges $10 billion for infrustructure bank and major projects
Bill Shorten pledges $10 billion for infrustructure bank and major projects Rob Williams

Labor building election pitch on infrastructure promises

OPPOSITION Leader Bill Shorten has made infrastructure projects a key plank of his policy platform ahead of next year's election, pledging $10billion to create a virtual infrastructure bank.

Mr Shorten told the Queensland Media Club on Thursday that under the policy, Infrastructure Australia would get $10 billion to provide loans to the private sector and equity and funding guarantees for major projects.

The Labor leader promised five projects in Queensland, but did not detail how much funding each project would get.

He said it would depend on how much private investment the government could attract to help build new infrastructure.

Among the regional projects on his list were the Pacific Hwy in New South Wales and the Bruce Hwy and Ipswich Motorway in Queensland.

City projects included the Brisbane Cross River Rail, Melbourne's Metro Rail tunnel project and the rail line connecting Sydney city to the proposed Badgerys Creek airport.

MORE: Shorten not opposed to funding new Townsville stadium

Mr Shorten said Infrastructure Australia would take on a role similar to the Clean Energy Finance Corporation in lending money to the private sector and ensuring a capital return for government coffers.

Mr Shorten said superannuation funds and international investors would be used to help fund the major projects.

Assistant Treasurer Kelly O'Dwyer told the ABC she looked forward to hearing Mr Shorten outline how he would pay for the projects.

No economic modelling or funding detail was provided by Mr Shorten.


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