Treasurers to meet in Canberra to discuss population, infrastructure and the economy By Sabra Lane on AM

THE TREASURER concedes that in Melbourne we have seen the fastest growth in the city anywhere in the country.

It is growing at about 2.5 per cent per annum

more than 2,000 people per week

DESPITE this population growth putting great pressure on public infrastructure, light transport, schools and medical services how can a $27Bn commitment for infrastructure since coming to government suffice?

$100 billion over 10 years only amounts to $10Bn per annum

How can the Morrison Government be seen as responsibly managing population growth with thousands arriving by plane on Temporary Visas, and buying our Real Estate to gain ‘Permanent Residency’?

-to be flung to the fringes of Sydney and Melbourne

-enduring long commutes, ghost bus stops, inadequate parking at train stations and some stations and bus services not yet available!

IT would appear ‘Better Outcomes’ … are not good enough … People feel dudded …

Treasurers to meet in Canberra to discuss population, infrastructure and the economy By Sabra Lane on AM

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Photo: ABC

The nation’s treasurers are meeting in Canberra today to discuss population, infrastructure, the NDIS and the economy.


 Fri 11 Oct 2019

Josh Frydenberg, Treasurer

EXTRACT from Transcript ... Sabra Lane cuts to the Chase …

SABRA LANE:  On the infrastructure projects point, the Reserve Bank says that you could spend money now on infrastructure and get economy revving up. You’ve got the firm EY recently pointed out that there are plenty of existing infrastructure projects around Australia, that could be repaired right now that would boost productivity, create new jobs and benefit everybody.
Is that an idea that you are going to adopt?

JOSH FRYDENBERG:  Well, certainly there are possibilities to bring forward projects and we do need to agree with them and perhaps not using the Tier 1 and Tier 2 contractors but using some of the small players because we are hitting capacity constraints particularly in the big markets of Melbourne and Sydney.

But you also have to acknowledge, Sabra, that we do have the biggest pipeline of infrastructure projects underway in Australia’s history – $100 billion over 10 years – and after 50 years of indecision, we are now building a second airport in Sydney which will create some 28,000 jobs by the time it’s fully rolled out and support them.

We’ve got the Melbourne to Brisbane inland rail which is going to create 16,000 jobs and of course, building an airport rail link in Melbourne.

So, there’s a whole series of projects which are creating jobs, busting congestion that we are working, federal and state governments, closely on.

SABRA LANE:  What do you say to people who’ve move to the city fringes, and we heard earlier this week on AM, people in Tarneit in Melbourne, the promise of great housing, great transport links but at the end of the day, there’s this mad dash from the train station to get to your car so that you avoid a massive traffic jam.

There are ghost bus stops where buses never stop.

People feel dudded and they feel that the words that were mentioned, that ghettos are being built?

READ MORE to find out why Melbourne and Sydney Fringe Home Buyers feel dudded …

JOSH FRYDENBERG:  Well, in Melbourne you’ve seen the fastest growth in the city anywhere in the country. It is growing about 2.5 per cent per annum, more than 2,000 people per week and obviously that is putting great pressure on public infrastructure, light transport but also schools and medical services.

That’s why we, as a government, have committed more than $27 billion on infrastructure since we came to government but that’s why also today we are seeking to align better federal and state responsibilities.

The federal responsibilities are around population, the state responsibility is primarily around infrastructure, housing approvals and if we can better align those responsibilities, share more data, then I think we can get better outcomes.

SABRA LANE:  You say that, in 10 years from now our population is forecast to hit 30 million people, within 10 years.

People look at our cities now, 25 million, we’re absolutely struggling now with current demand.

JOSH FRYDENBERG:  Well, certainly population growth has been much more than forecast. Interestingly they did an IGR, an intergovernmental report, intergenerational report back in *2002 where they expected Australia to hit 25 million people by 2040.*

As you know we met that number last year and there is no doubt that the population growth has focused on Melbourne, Sydney and south-east Queensland. That is where about two-thirds of the population growth has been.

I think with ‘better planning, better data sharing’ we can get better outcomes. *


SABRA LANE:  Alright, the Reserve Bank cut official interest rates last week. The big banks thumbed their noses at it, they kept some of it to themselves.

You’ve urged people to shop around. You’re going to meet with the bank bosses in coming weeks. What are you going to tell them?

JOSH FRYDENBERG:  I am going to tell them to put their customers first and that it is not good enough not to pass on these rate cuts in full particularly as the Reserve Bank has pointed out, that their cost of funding has come down substantially.

SABRA LANE:  You’ve told them that already. You’ve tried to carpet them and they’re just ignoring you.

JOSH FRYDENBERG:  Well, there are two points here. The first is we are empowering consumers to more easily move banks and we’re doing that with the passage through the parliament of the consumer data right.

But secondly, of the 75 basis point rate cuts that we’ve seen, we’ve seen the banks pass on 57 basis points of that. So that is not insignificant.

For someone who has a mortgage on a $400,000 on their home, that means saving of more than $1,500 a year in lower interest payments but we expect the banks to do more.
That will be my message to them.

SABRA LANE:  Okay, the IMF overnight has said global warming is a ‘clear and present threat’ and that there perhaps should be a global carbon tax to cut emissions.

That it’s more effective the government interventions like direct action.
*Would Australia accept a global carbon tax?


SABRA LANE:  Treasurer, thank you very much for joining the program.

JOSH FRYDENBERG:  Good to be with you.

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