Australia reports A$7.5B boost for transport infrastructure spending – AAP

Australian Deputy Prime Minister (PM) Michael McCormack is set to announce a further $7.5 billion in new transport infrastructure spending in Tuesday’s federal budget, the Australian Associated Press (AAP) reported on Monday.

McCormack, who is also the Infrastructure, Transport and Regional Minister, said: “We want to ensure our farmers and miners and other businesses can get their world-class goods to market faster and cheaper.”

“That will happen with better roads and better rail, which is why we’re continuing to invest in making our transport corridors more efficient with further investment in infrastructure in this budget,” he added.

Separately, PM Scott Morrison said, “we have been working closely with state and territory governments to invest in the infrastructure that is ready to go and can help rebuild our economy and create more jobs,” while adding “this investment through Tuesday’s budget will boost the national economy and support an estimated 30,000 direct and indirect jobs across the nation.”

Market reaction

Amid US President Donald Trump’s health improvement driven upbeat market mood and Australia’s budget boost, AUD/USD continues to benefit while trading just below 0.7200, up 0.35% on the day.