Govt to speed up infrastructure projects

Australia's political leaders have moved to fast track big-ticket infrastructure spending to help shield the economy from continuing global financial turmoil.

Prime Minister Kevin Rudd met with state and territory leaders in Perth on Thursday,
where he agreed to speed up a federal audit of the country's infrastructure needs.
"We believe this is important because of the outstanding infrastructure needs of our
nation, both in our cities and our rural and regional areas," Mr Rudd said after the
Council of Australian Governments (COAG) meeting.
"And we intend to get on with the job."
Infrastructure Australia will now present its audit and priority list by December, a
move applauded by Victorian Premier John Brumby.
"That commitment will enable to commonwealth and the states to work together to
bring major infrastructure projects on line earlier than would otherwise have been
the case," Mr Brumby said.
COAG also agreed on a timeline to put in place nationally consistent guidelines for
public-private partnerships.
South Australian Premier Mike Rann, who has attended COAG meetings for more than six
years, said the previous Howard government "wasn't in the game of infrastructure".
"We welcome the fact that we're going to get a report by the end of this year so
that we can get cracking," Mr Rann told reporters.
"It's in stark contrast to what we've had over the last six and a half years, the
last 12 years, where infrastructure couldn't even be discussed."
The federal government promised in this year's budget to set up a $20 billion
Building Australia Fund to help pay for big infrastructure projects.
During their meeting, the leaders also acknowledged the nation could not fully
insulate itself from the global financial crisis, and that a prolonged downturn
could seriously affect the economy.
The leaders also settled on a two-stage plan to crack down on dodgy mortgage
dealers, payday lenders and other predatory lending practices.
The move follows an earlier COAG decision that the federal government would assume
responsibility for the regulation of mortgages, mortgage broking, margin lending and
other areas of consumer credit.
COAG agreed on Thursday to have these responsibilities transferred by June 2009.
The moves would deliver on its commitment to a seamless national economy by
providing a uniform and higher level of protection for consumers and addressing
weaknesses in existing laws, the leaders said.
"This is a major reform in an area that has been crying out for reform for a long,
long time," Mr Rudd said.
The leaders also agreed to develop a national energy efficiency strategy, to help
households and businesses prepare for the introduction of an emissions trading
scheme.
They also agreed to establish a new national educational authority under
commonwealth legislation.
COAG also agreed, at the urging of new Liberal West Australian Premier Colin
Barnett, to hold a special meeting next year to address indigenous disadvantage and
consider practical ways to close the gap in life expectancy.
The leaders signed a national partnership covering indigenous early childhood
development following an in-principle agreement earlier this year.
COAG will meet next in Canberra on November 17, where health and education will be
at the top of the agenda.