Matters of Public Importance - Economy
I rise to speak on this matter of public importance. I thank Senator Gallagher for raising this issue, as it gives those of us on this side of the chamber another opportunity to highlight the coalition government's positive plan for infrastructure. The federal government has delivered a record $100 billion national infrastructure pipeline, which includes $10 billion committed per year over the forward estimates. In the last budget the coalition government also increased support for transport infrastructure by about a third. Our infrastructure investment is part of a broader economic plan that ensures that our economy continues to grow. This is creating jobs, which in turn support the livelihood of Australians, and is developing our cities and regions. Our plan will bust congestion, save lives on the roads and ensure that Australians get home sooner and safer, no matter where they live. According to the Australian Industry Skills Committee, the construction industry generates over $350 billion in revenue and produces around eight per cent of Australia's GDP. Our infrastructure plan is creating more than 50,000 direct and indirect jobs across Australia.
As I said in my maiden speech, I believe that the simplest way the government can improve people's lives is by creating the opportunity to work. That is why it is essential to acknowledge the role of small business as creators of Australian jobs. The contribution of small and medium businesses is not limited to the construction industry. As the Australian Bureau of Statistics points out, the construction industry is strongly linked to other parts of the Australian economy, including manufacturing, wholesale, trade, and finance and insurance.
The government has implemented many initiatives designed to help small business invest and grow. One such initiative is the instant asset write-off, which the coalition government has expanded and increased. This initiative now covers assets up to $30,000 in businesses with a turnover of up to $50 million. We are lowering taxes so small business will have more money to reinvest in their business. We are lowering the tax rate to 25 per cent by financial year 2021-22. We're making sure that small businesses get paid on time, reducing payment times to 20 days and ensuring that small businesses are not being used as a bank by large businesses.
At the end of the day, the ability of governments to invest in infrastructure is reliant on economic management. Fiscal responsibility runs in the blood of the coalition government. I am pleased that the government has massively increased its infrastructure expenditure since coming to office. I'm also pleased that Victorians, in my home state, are benefiting from the federal government's investment in this space. From financial year 2013-14 to 2028-29, the Australian government has committed $29 billion to fund land transport infrastructure projects in Victoria. Of this, more than $7 billion has been committed for land transport in Victoria from this financial year to financial year 2022-23. In the last budget, and also at the 2019 federal election, the Australian government committed over $6 billion towards infrastructure projects in Victoria. This includes over $5 billion towards eight new major projects in Victoria, including $2 billion to help deliver fast rail between Geelong and Melbourne. I would especially like to acknowledge the hard work of my Victorian colleague Senator the Hon. Sarah Henderson, who is a strong advocate for this initiative, and take this opportunity to congratulate her on her appointment to the Senate.
We have also announced $875 million for 26 Victorian congestion-busting infrastructure projects to be funded from the Urban Congestion Fund as well as $395 million to upgrade 30 commuter car parks across Melbourne. Our plan includes $35 million that will go towards the development of major transport project infrastructure business cases in Victoria. A total of $520 million will go to the Roads of Strategic Importance program for Victoria, including $490 million to upgrade six key commuter and freight corridors. The government has also committed $162 million towards targeted road upgrades under the $140 million Victorian Congestion Package. These projects will help make the Victorian transport network safer, more efficient and more reliable and will support thousands of jobs.
Infrastructure projects are often designed to ease congestion. My home town of Melbourne is our fastest-growing city, and this is creating immense challenges for our roads and our public transport system. Whilst the federal government is playing its part to fund infrastructure projects, state governments are primarily the ones responsible for its delivery. Perhaps those opposite may be able to assist down in my home state of Victoria by tapping Labor Premier Daniel Andrews on the shoulder and asking him to build the East West Link. This is an important infrastructure project for many Victorians, and the coalition government has offered $4 billion to help build it. The only thing obstructing that $4 billion from flowing is Labor.
The sad reality is, had we commenced building the East West Link after the 2014 Victorian election, that road would be opening to cars later this year. Instead, we have a Labor premier who would rather cancel a major infrastructure build and spend more than $1 billion in doing so. It is disheartening to think of the construction jobs that would have been created had this project gone ahead. Perhaps those opposite may also be able to assist us in Victoria by asking Mr Andrews to agree to the electrification of the Frankston rail line towards Mornington Peninsula. This infrastructure project would see the duplication of the rail line, new stations being built at Monash University and Langwarrin, and an upgrade of the Baxter railway station. Extending the rail service to Baxter would mean residents across that region would have greater access to health facilities as well as education and employment opportunities. It is a project that the federal government has committed $225 million towards. Again, the only thing obstructing this project is Victorian Labor. The business case, funded by the federal government, was due to report at the start of this year, and to date there is still no sign of that business case.
Labor, especially in my home state of Victoria, have demonstrated time and time again that they do not believe in funding infrastructure projects. In contrast, the coalition have already completed hundreds of projects since coming to government, with hundreds more underway in the planning phase. We have committed to over 900 major land transport infrastructure projects nationally, of which more than 300 have been completed, 130 are under construction and 140 are in planning. We have also completed 24,400 smaller transport projects, and another 1,900 are underway. We have rolled out three rounds of the Building Better Regions Fund and have delivered over 830 projects in regional and remote communities.
The coalition government are focused on ensuring that our strong economy is working. We are investing in national infrastructure projects and delivering the jobs that drive our economy.
