The Morrison-Joyce Government is backing regional industries that create wealth with a new $7.1 billion investment pipeline to drive economic growth and make Australia as strong as possible as quickly as possible.
Under the new Energy Security and Regional Development Plan, the Government will develop key regions across Australia, transforming them into next generation export hubs.
Turbocharging these regional economies will enable people to get the job they want and to pursue their dreams.
Through targeted investments in infrastructure, low emissions technology and energy production, resources extraction and processing, and water infrastructure, we will open up new frontiers of production and growth.
This will attract new sources of investment to Australia, further unlocking the potential of our regions and supporting the industries that earn the export dollars that make us wealthier and stronger.
Our investments include:
- $750 million for projects in the Hunter region in New South Wales.
- With projects across all regions announced, the remaining balance of funding will be invested into existing Government programs and priority projects in the nominated regions, with further announcements to be made in due course.
These regions will drive our economy, strengthen export markets and support the growth of existing and emerging industries, including mining, agriculture, energy, critical minerals and advanced manufacturing.
In addition to the $7.1 billion investment pipeline, the Government will also invest in projects and initiatives that enhance liveability and boost safety and wellbeing in regions across the entire country, including:
- $180.1 million to establish the Regional Australia Level Crossing Safety Program, delivering safety upgrades to level crossings in regional and rural areas; and
- $66.0 million to expand access and reduce out-of-pocket costs to magnetic resonance imaging services in rural and remote areas.
The Government will invest $750 million to support the Hunter’s expansion into new export industries while continuing to support traditional industries, strengthening the local economy and its position as a leading exporter to the world.
- $268.8 million to build the New England Highway Bypass to Muswellbrook, better connecting regional industries and helping them get their products to port.
- $100.0 million to support pre-Final Investment Decision activities and early works to make the Port of Newcastle ‘hydrogen ready’.
Across these regions, the Government will work with jurisdictions and industry to prioritise and deliver these commitments. Funding is conditional pending completed business cases demonstrating value for money and sufficient public benefit for investment, options for co-funding, and consideration of interaction with other relevant processes and initiatives across governments.