Infrastructure audit a wake-up call for smarter city building

Infrastructure audit a wake-up call for smarter city buildingThe cost of congestion is predicted to escalate to $53 billion a year by 2031 unless there is greater investment and better planning in city infrastructure, the Australian Infrastructure Audit has found.Infrastructure Australia’s Australian Infrastructure Audit, released by the Prime Minister on Friday, argues that “without action Australia’s productivity and quality of life will be tested, with population and economic growth set to cause increasing congestion and bottlenecks.”The audit warns that, without significant investment in infrastructure, travel times in Sydney, Brisbane, Melbourne, Perth, Adelaide and Canberra will increase by at least 20 per cent ” with some trips expected to double.The Property Council says the audit serves as a “wake-up call” for how Australia plans and manages its cities.Chief Executive Ken Morrison has applauded the “detailed, considered and very substantial contribution” made by Infrastructure Australia, which has assessed the direct economic contribution and future demand for infrastructure, and provided a baseline for further analysis, planning and funding prioritisation. “Infrastructure Australia says the price-tag of inaction is $53 billion in congestion costs by 2031. It’s a cost the country can’t afford. We must urgently reorientate and reprioritise planning and infrastructure investment and expenditure to where the bulk of the forecast growth will be – in our four major cities,” Morrison adds.The Property Council argues that governments must remove punitive taxes, such as stamp duty, and facilitate private sector investment by creating the most attractive and stable environment.The Audit forecasts that Australia will require 5.4 million new homes in the next 26 years. Around 153,000 new homes have been constructed, on average, over the last decade.”We must have a plan for infrastructure that supports housing and population growth, while lifting productivity and engaging the community. This audit is a critical first step,” Morrison concludes.Read the Property Council of Australia media release here.