The infrastructure plan will bring forward $1.8 billion to be spent on “shovel-ready projects” over the coming 18 months.
“All of these projects are projects which are going to get people home, sooner and safer, will strengthen our economy[…]not just now but well into the future,” Morrison said in Brisbane on Wednesday.
“These are structural changes we’re making, not one-off cash splashes.”
A $400 million infrastructure injection to boost South Australia’s economy was announced on Monday, with additional funds to go towards projects including the Darlington Upgrade and Flinders Link project.
Earlier this year, Reserve Bank governor Philip Lowe called on government saying that “further investment in infrastructure was needed”.
The outlook for the Australian economy is little changed since August, reveals the RBA in its minutes of the last Reserve Bank meeting, which held the cash rate at 0.75 per cent.
“Looking forward, growth was expected to strengthen gradually to 2¾ per cent over 2020 and around 3 per cent over 2021,” the RBA said in its minutes released on Tuesday.
“This outlook was expected to be supported by accommodative monetary policy, recent tax cuts, ongoing spending on infrastructure.”
While quarterly GDP growth picked up slightly since its low point in the second half of 2018, RBA members noted that the forecasts for growth and the labour market had been “largely unchanged” from August.
At the time of publishing, the infrastructure projects for Western Australia was yet to be announced, with every state and territory touted to benefit from the infrastructure spend.