Infrastructure is the backbone of any city and fundamental to the real estate equation.
This week I’m in the UK as part of the Australian British Infrastructure Catalyst, which is an exchange of ideas and insights into the Australian and UK infrastructure sectors.
Transport, technology and digital connectivity are key themes in the program, along with urban regeneration, precinct making and city-shaping projects.
While Brexit is never far away from the conversation, there’s a lot to learn from the UK as Australia’s governments ramp up their infrastructure commitments.
For our big cities, London’s ongoing investment in its underground system reminds us that spending on infrastructure must be the ‘new normal’ rather than a boom and bust cycle.
The ability of infrastructure to fundamentally renew precincts, create great places for people and deliver long term value is proudly on display in this city.
For Australia’s smaller capitals and cities, the UK’s investments in high speed and fast rail are also highly illuminating. We’ll be speaking to officials and policy makers in Birmingham and Manchester about the lessons to be learned for Australia.
Infrastructure investments are seen as vital as smoothing out any economic shocks from Brexit, as well as continuing to support economic productivity and mobility for a country of 66 million people which is only slightly larger than Victoria in land area.
While Australia isn’t facing a Brexit-type scenario, making the right investments in productivity-boosting infrastructure to support our growing cities and population is just as important.
We also need to dramatically improve our approach to planning and housing supply so that all Australians can aspire to a home of their own in areas which are close to employment, education and services.
As the latest data from CoreLogic shows, housing affordability remains a significant issue for many Australians. Our state and territory governments, along with the Commonwealth, have an important role to play in tackling this challenge through better planning. It needs to be high on the agenda for next week’s meeting of the Commonwealth, state and territory treasurers.