Investors may soon see one of our nation’s capitals receive a $9 billion infrastructure injection, with Infrastructure Australia backing state government plans, according to recent announcements.
The east-west road link to connect Melbourne has recently been backed by the infrastructure body, treasurer Kim Wells announced.
The proposed 18km of road to link the western suburbs with the Eastern Freeway has a total estimated cost exceeding $9 billion over three lengthy development stages and, should it go ahead, will benefit a number of suburbs.
Yarraville, Footscray and Parkville are all tipped to be significantly opened up under the proposal.
"The Coalition Government is driving public and private infrastructure investment in Victoria, with a record $5.8 billion investment in infrastructure this financial year," Mr Wells said, pointing to the significance of the East West Link.
The East West Link is already undergoing preliminary ‘technical investigations’ which began in May, and drilling to develop a rock profile has began on Friday.
Work at a seven sites near Alexandra Parade and the Eastern Freeway has been conducted, with more to occur around the Royal Park area, Parkville and Flemington.
The project has the ability to bring “significant” jobs and investment to Victoria, Mr Wells said.
However, investors should be wary to jump in ahead of confirmation of the development, as funding may be difficult to obtain from the federal government for the project, having been called a ‘grand hoax’ by opposition members who fear it is an attempt to vote grab.