SYDNEY - Australia’s conservative government will fast-track A$3.8 billion in infrastructure spending, Prime Minister Scott Morrison said on Wednesday - a fillip to a stalling economy.
Australia’s economic growth has slumped to its lowest in a decade, led by weakness in consumer spending and home building. Heeding those calls, Morrison will use to a major speech on Wednesday to promise an injection of government spending on road and rail projects across the country, two sources familiar with the plans told Reuters.
Morrison has for several months since his unexpected re-election in May dismissed calls for accelerated infrastructure spending, insisting the government was focused on delivering Australia’s first budget surplus in more than a decade.