Joint Australia-New Zealand infrastructure initiative – November 2016
The Australian and New Zealand governments have launched the Australia & New Zealand Infrastructure Pipeline (ANZIP), “reinforcing a shared commitment to Trans-Tasman collaboration, open markets, innovation and investment”.
“This initiative reflects the importance of trade and open markets in delivering continued economic growth, more jobs, security and prosperity for our people,” said Australian Treasurer, Scott Morrison.
New Zealand Finance Minister Bill English said “the launch of ANZIP signals a joint commitment to building a more integrated infrastructure market between the two countries”.
The online portal, developed and hosted by Infrastructure Partnerships Australia (IPA), provides a forward view of public infrastructure activity across Australia and New Zealand.
“The infrastructure pipeline will sustain the current global focus on Australian and New Zealand infrastructure, right at the time that both countries need more investment and more projects,” said Brendan Lyon, chief executive of IPA.
He said the Pipeline would improve the visibility of the Australian and New Zealand infrastructure markets, attracting further private sector investment needed to fund infrastructure needs.”
The comprehensive view of the Australian and New Zealand infrastructure markets offered by ANZIP would increase certainty around the forward work program for investors, constructors and governments alike.
“Both nations have ambitious infrastructure building programs,” said Treasurer Morrison.
“As part of our national economic plan, the Australian Government is investing a record $50 billion in infrastructure to support economic growth. There are over 1,000 projects currently underway across Australia, including roads, airports, bridges and passenger and freight rail.”
Minister English said he expected that “ANZIP will help grow foreign direct investment in both countries, as well as giving greater visibility of future investment opportunities”.
ANZIP is a priority initiative under the Australia New Zealand Closer Economic Relations Trade Agreement’s Single Economic Market agenda, which aims to further harmonise policies and regulations between the two countries; improve the ease of doing business across the Tasman; and better connect Australia and New Zealand to third markets.
Business New Zealand chief executive Kirk Hope welcomed the move but said “it will be important that the agreement is backed up by measures that will see New Zealand businesses gain fair access to Australian opportunities.”
Industry Super Australia chief economist Stephen Anthony said that more needed to be done to prevent “consigning the economy to a low growth trajectory”.