Government partners with industry to investigate next generation infrastructure funding models
The Property Council of Australia has welcomed the Queensland Government’s commitment to partner with the Property Council and the Council of Mayors (SEQ) to fund a groundbreaking study into next generation models of infrastructure funding.
The research project, to be undertaken by KPMG, will investigate how the UK City Deals model of infrastructure funding – considered world’s best practice - could work in South East Queensland.
Queensland Executive Director of the Property Council, Chris Mountford, said the Government’s commitment to work with industry to investigate funding alternatives could set Queensland up to pioneer this approach in Australia.
“The aim of this study will be to achieve a trial SEQ City Deals infrastructure funding program,” Mr Mountford said.
“The UK’s highly successful City Deals approach involves a contract between an economic region and the central government, committing funding for a priority list of infrastructure which has been assessed for its growth potential in jobs and productivity.
“Stage 1 of the study will see the development of a strategic business case for City Deals in a South East Queensland context, and a definitive ‘proof of concept’.
“As Queensland’s largest industry, generating 11.4% of the state’s economic activity, the property sector has a strong interest in unlocking greater productivity through the delivery of key infrastructure.”
“The investigation and delivery of innovative funding models will be the only way forward if Queensland is going to deliver the infrastructure the state needs, not just what we can currently afford.”