Federal Gov: Tough Budget Delivers ‘Eight Snowy Schemes’ In Infrastructure

Federal Treasurer Joe Hockey has announced infrastructure projects equivalent to “eight Snowy Mountains Schemes” over the next decade, as a high point in an otherwise tough federal budget.

As expected, from August 1 the government plans to reintroduce biannual fuel excise rises indexed to inflation, but the treasurer said all of the additional revenue will be tied to infrastructure projects “by law”.

“Over the next six years, the government will help to build new roads, new rail, new ports and airports,” Mr Hockey said during his budget speech.

“The money will drive over $125 billion in spending for new infrastructure by the end of the decade. Over the longer term, this is expected to permanently boost the size of the economy by one percent.”