Economic trends are turning our cities into ‘people magnets’
Infrastructure investment is failing to keep up with the significant growth of Australian cities, according to Ken Morrison, chief executive of the Property Council. Here’s what he predicts for Australia’s biggest markets.
The Property Council of Australia CEO this week welcomed the release of Infrastructure Australia’s 2019 Australian Infrastructure Audit and its recognition of the critical infrastructure needs of our growing cities, especially the big four of Sydney, Melbourne, Brisbane and Perth.
“We welcome the audit – it’s comprehensive, it’s credible and it’s a step in the journey to a comprehensive national infrastructure plan that we sorely need,” Mr Morrison said.
“Our biggest cities are growing rapidly, but their infrastructure base hasn’t kept up.”
In its audit, Infrastructure Australia calls for a “new normal” of elevated infrastructure as it expects the transformation underway in our largest cities will last for decades.
“Australia’s big cities are not experiencing a one-off growth spurt. They’re being shaped by economic trends that have turned them into increasingly powerful people magnets,” Mr Morrison said.
“From the inner city to the urban fringe, we need the infrastructure to power the economy and support high liveability cities.”
Australia’s population is forecast to grow by 24 per cent to over 31 million by 2034. More than three-quarters of this will be focused on our big four cities. The Property Council of Australia fears that if we don’t commit to investing in these cities, our quality of life and economic productivity and competitiveness as a nation will suffer.
“If our big cities fail, the country fails,” Mr Morrison said. “Infrastructure investment is vital, but it needs to be accompanied by good planning and strong governance to provide the right outcomes.
“Population growth, social, economic and technological change have all made the job of planning, delivering and operating infrastructure much more complex.
“This complexity includes the scale of projects, including the fact that so-called ‘mega projects’ of more than $1 billion value are becoming the norm.”
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