The Rudd Government will fast track its nation-building agenda to help shield Australians from the global financial crisis.
Prime Minister Kevin Rudd today announced that the Government will accelerate the implementation of the Government's three nation building funds.
Ministers will bring forward interim Infrastructure Reports to December 2008 so that work can commence in 2009 on projects in the key areas of:
* Education and Research;
* Health and Hospitals; and
* Transport and Communications.
The Rudd Government is taking decisive action to sustain growth and protect Australians from the fall-out from the global financial crisis.
That is why the Rudd Government's $10.4 billion Economic Security Strategy will strengthen the national economy and support Australian households during the global financial crisis.
To fast-track these projects, the Government will be seeking referral of the legislation for the Nation Building Funds to a Senate Committee this week.
The Government calls on the Opposition to make sure that there are no obstacles to the implementation of this commitment.
Further today, the Government committed to:
* Speed up the implementation of the Government's Nation Building Funds, so that projects can be funded as early as possible.
* Accelerate the establishment of boards for the Health and Hospitals Fund and the Education Investment Fund.
Today's announcement builds on the Rudd Government's recent decision to ask Infrastructure Australia to produce an interim report on the National Infrastructure Priority List by December 2008.
Fast-tracking the nation-building agenda can secure economic activity in the short term and expand growth potential in the medium to long term.
The Rudd Government has already commenced the first funding round of the Education Investment Fund, receiving some 14 submissions for new research facilities and capital expenditure in Australia's universities.
The Government has already committed more than $26 billion to its three new funds:
* $12.6 billion towards the Building Australia Fund for transport and communications infrastructure;
* $8.7 billion towards the Education Investment Fund for education infrastructure; and
* $5.0 billion towards the Health and Hospitals Fund, for health infrastructure.