This Government unapologetically is in the building business and the reason for that is as follows. We are committed to supporting jobs, small business and apprenticeships today by investing in the infrastructure our nation needs for tomorrow. Investing in rail, in road, in ports, investing in school modernisation, in our hospitals, investing in solar energy, investing in the things that will make a difference for the future.
We are currently also investing in the single biggest school modernisation program Australia has ever seen. And the whole purpose is this: supporting jobs, apprenticeships and small business today while investing in the rail, the road, the ports, the broadband we need for tomorrow.
The practicality of it now confronts us. Rolling up our sleeves and getting on with projects like this. This is a good project. What we're investing in here is more than a billion dollars in the Australian rail freight corporation nationwide to make sure than we are boosting the productivity of this economy.
Look at this project here - $135 million to put in a third track which will have the result of increasing by about one third the amount of coal that we can get through to the Port of Newcastle. That's practical stuff. The federal Government in the past said ‘all too hard, not our problem, go away'. We've decided to roll up our sleeves and do something about it and it's happening. That's what is happening behind us. Making a difference with jobs and small business and apprenticeships now while adding to the rail infrastructure our economy needs for tomorrow.
Secondly, we're here today also to announce our joint funding, our joint investment in what will become the Hunter Valley Expressway. This is a $1.65 billion project where the Premier of NSW and the Australian Government are joint investors. This will be a good project as well. Investing in jobs, in business and in apprenticeships today while supporting the road infrastructure our community and our nation need for the future.
This particular road project, the Hunter Valley expressway is going to be good for this local community, it is going to be good for the State of NSW because it is going to reduce the travelling time between Sydney and Newcastle by nearly half an hour and it's good for the nation because of what it will do in terms of traffic on the Pacific and traffic on the New England. This is all part of our productivity agenda for the future, as well as being an important investment in this local community as well.
Here we have two practical rail and road projects which together are worth getting close to $2 billion. Investments in the future infrastructure we need and supporting jobs and business on the way through. That's the practical response to the challenges that we face with the economy today.
The alternative is, as our opponents did federally in the 2004 election, was promise to fund something called this F3 to Branxton and do nothing. That's what happened. A hollow promise. We're out here, we've committed our money towards doing this Hunter Valley Expressway, we're going to get on with the business of doing it.
Nation building, infrastructure, jobs and apprenticeships, helping business on the way through and doing so responsibly through temporary borrowing for a temporary deficit for the future. That's what leadership requires today, given the extraordinary impact of the global economic recession.
Ladies and gentlemen, it's my privilege to be here today. But this co-investment in the Hunter Valley Expressway would not be possible in the absence of partnership with the NSW Government.
And with those remarks it gives me great pleasure to invite the Premier of NSW to make some remarks.