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Promentor consultant Dominic Wilson-Ing provides us with some valuable insights into how essential it is for Australia to continue investing in its regional infrastructure.
Investment in infrastructure by State, Territory and Federal governments keeps the Australian economy strong in several ways (see Figure 1):
More people can be attracted to regional and rural areas through the implementation of transport link projects that make it easier for commuters. This assists the housing market, due to new employees or commuters taking advantage of the benefits of regional areas whilst still being able to work in cities. Additionally, encouraging commuters to start using previously unavailable public transport realises ecological benefits such as reducing the carbon footprint. A similar effect can be seen in attracting tourists to areas that were previously less accessible.
Regional Australia accounts for 67 per cent export, 45 per cent domestic tourism and is responsible for providing food products and utilities to most metropolitan areas. The government understanding this, committed to invest extensively into Regional Australia. Some examples of these investments include but are not limited to (1):
- Roads to Recovery and Black Spot Program – repair and upgrade of local roads as well as improve safety improvements.
- Incentivising programs including water infrastructure, farmer loans, small capital projects and sustainable employment.
- Mobile Black Spot Program – reduce the number of telecommunication black spot areas by rolling out new base stations.
The investment of Australian infrastructure projects rose sharply following a decline in 2015 and was predicted in 2017 to peak at $16 billion by 2020 (2). Notably, despite some large projects being cancelled following changes in governments, the value of recently closed Greenfield site infrastructure projects was more than $30 billion. Most of these projects are based in New South Wales, Victoria and to a lesser extent, Queensland (see Figure 2, “Recently Closed”) (3).
The peak of infrastructure investment is expected to decline from 2019 and unless other parts of the economy can support this change, there is a risk of economic downturn, reduced employment opportunities, reduced consumer spending and subsequently shrinking of the GDP.
Footnotes:
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Investing in infrastructure requires new and better approaches to infrastructure in Australia’s regional centres. Here we take a look at how to spark that kind of innovation in your team.
Made by humans: A recipe for innovation
Innovation doesn’t just happen – it is designed by humans for humans. While economists discuss new theories, scientists develop new technologies and industrialists exploit new markets, the process of innovation is first and foremost socially constructed. To navigate its complex and risky path requires courage and knowledge – courage to learn the recipe, and knowledge of the techniques.
Angele Beausoleil provides an informative ‘recipe’ for encouraging innovation. more
Adapting to the speed of change
Is emotional resilience a skill that can be taught to help the next generation prepare for the unpredictable workplace of the future? As automation, globalisation and technological advances dramatically change the nature and availability of work – how do you prepare people for the jobs of the future?
Kate Stanton informs us of the imperative of teaching resilience in education and the workplace, because only with resilience in an ever-changing landscape can innovation be sparked. more
Innovation isn’t an idea problem
When most organisations try to increase their innovation efforts, they always seem to start from the same assumption: “we need more ideas.” They’ll start thinking about the need to “think outside the box” or “blue sky” thinking in order to find a few ideas that can turn into viable new products or systems. However, in most organisations, innovation isn’t hampered by a lack of ideas, but rather a lack of noticing the good ideas already there.
David Burkus argues that when approaching innovation, it’s not an idea problem; it’s a recognition problem. more
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We take a look back at the month just gone. The banking royal commission resumed, exposing further questionable conduct by Australia’s biggest banks. A historic meeting between North and South Korea put the world on edge. Australia and the EU continue to engage in trade talks.
APRA launches scathing criticism of Commonwealth Bank, Scott Morrison puts boards on notice... more
North Korea: What you need to know about the high-stake inter-Korean summit... more
The EU pursues $15b free trade talks with Australia, but there’s a catch... more
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