Sydney: Australia’s government will pledge to spend A$9.6 billion ($6 billion) on infrastructure projects as part of its October 25 budget, the Australian Associated Press reported.
Projects worth $2.6 billion will be funded in the state of Victoria, while $1.5 billion will be allocated to Queensland and New South Wales will get about $1 billion, according to the Sydney Morning Herald.
“It’s about making journeys quicker, but also making sure people can get home to their families safely,” the AAP quoted Prime Minister Anthony Albanese saying on Sunday. “Sound and planned infrastructure investment in Australia creates jobs, builds opportunity and unlocks economic growth and productivity for our cities and our regions.”
On October 25, the Labor government will deliver its first budget since taking power against a backdrop of spiraling inflation and rising interest rates around the world. The fiscal blueprint will aim to provide relief for households from inflation without adding further demand to the economy.
Finance Minister Katy Gallagher said on Sunday that the government’s infrastructure pledge won’t add to inflationary pressure as the spending had already been “factored into the budget.”
“We are not going to be adding to inflation through this program,” she told Sky News. “We have been managing responsibly.”