Published on : Sep 02, 2016
ALBANY, New York, September 02, 2016: After registering a decline at the start of the decade, the infrastructure sector in Australia is now expected to rebound in the years to come. The growing infrastructure sector is one of the factors driving the Australian economy since many years. It comprises infrastructure for roads, electricity, railways, power, water and sewerage, marine travel and trade, aviation, and communication. In terms of value, the infrastructure construction market in Australia was valued at AU$43.7 bn (US$32.9 bn) in 2015 and is projected to reach AU$46 bn by 2020.
The large-scale construction projects in the pipeline are expected to move ahead smoothly in the coming years, which is expected to drive the growth of the infrastructure construction market in Australia. These are some of the findings of a new report added by ResearchMoz.us to its repository of research reports. The report, titled “Infrastructure Insight: Australia,” highlights some of the large-scale transport projects such as the Melbourne Metro Rail Tunnel in Victoria, the WestConnex Motorway in New South Wales, and the Badgerys Creek Airport in New South Wales.
As per the findings of the report, the infrastructure sector in Australia has begun to grow steadily after the market turmoil in 2009 and 2010. With improved lifestyles and a better economy, the demand for new residential and commercial properties from residents is increasing. This is predicted to benefit the infrastructure construction sector in Australia, thus benefiting the Australian infrastructure sector.
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As per the report, currently, there are 460 large-scale infrastructure construction projects in the pipeline in Australia, representing a total investment of AU$535 bn. In 2015, the Australian government declared an infrastructure investment of AU$50 bn, primarily for land transport. This investment is predicted to contribute towards the improvement in the global ranking of the Australia’s infrastructure sector in the World Economic Forum’s Global Competitiveness Index. Australia’s infrastructure sector is predicted to face tough competition from advanced economies such as the U.S., the U.K., and Canada.
Currently, the Australian government is expected to undertake many infrastructure improvement programs directed towards the improvement of project planning, project selection, and project delivery activities. The government also plans to better manage the use of available infrastructure. Many public and private companies are focusing on increasing their funding for making advancements in infrastructure. Demographic factors are also expected to benefit the infrastructure sector in Australia in many ways. Population growth is predicted to be the most important factor boosting the demand for advanced infrastructure. Considering the rising population, new residential properties, modes of transport, and commercial properties are being developed. With this, the infrastructure sector in Australia is predicted to benefit considerably.
The report states that the changing preferences of home buyers have encouraged key companies to adapt innovations. Changing customer preferences such as the demand for cleaner environments, advanced amenities, and public services, and the rising demand for safe drinking water and power generation are some of the factors motivating key companies to invest in advanced infrastructure.
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