Footnotes

Chapter 1 - Introduction

[2]        The Hansards from these hearings are available from the committee website: www.aph.gov.au/select_budgetmeasures.

[3]        Journals of the Senate No. 104—11 August 2015, p. 2900.

[4]        Details of the inquiry were placed on the committee's website at: www.aph.gov.au/select_budgetmeasures.

[5]        KPMG, Public Private Partnerships, Emerging Global trends and the implications for future infrastructure development in Australia, June 2015, p. 1.

[6]        Professor Steve Keen, Submission 64, Figure 1: Australian government debt as a percentage of GDP, p. 3.

[7]        Dr Robert Bianchi, Submission 66, p. 3.

[8]        Ms Marion Terrill, Submission 65, pp 2-3; Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 57

[9]        Department of Infrastructure and Regional Development, Trends: Infrastructure and Transport to 2030 (2014), p. 6.

[10]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 54.

[11]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, pp 4-5.

[12]      Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016), Report, p. 90.

Chapter 2 - Benefits of infrastructure and responsibility for delivery

[1]        ATSE, 'Infrastructure to Meet Australia's Future Needs', Policy Statement (November 2014).

[2]        Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p.V.

[3]        Department of Infrastructure and Regional Development, 'Infrastructure' at https://infrastructure.gov.au/infrastructure/ (accessed 25 September 2015).

[4]        Submission 63, p. 4.

[5]        Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, pp 59-60.

[6]        Mr Philip Lowe, 'Productivity and Infrastructure', Speech to the IARIW-UNSW Conference on Productivity Measurement, Drivers and Trends, Sydney (26 November 2013).

[7]        Committee Hansard, 14 August 2015, p. 1.

[8]        Committee Hansard, 14 August 2015, p. 4.

[9]        Committee Hansard, 5 November 2015, p. 7.

[10]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 59.

[11]      Submission 63, p. 2.

[12]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), p. 3.

[13]      Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 48.

[14]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 58. See also Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, pp 11-12.

[15]      This table is based on 2004 Parliamentary Library research. The committee understands that this is the most recent work on the issue and the information is still relevant. See Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 58.

[16]      Parliamentary Library, Research Paper no. 8, 2003-04, The Commonwealth Government's Role in Infrastructure Provision, Richard Webb, Economics, Commerce and Industrial Relations Group, 1 March 2004.

[17]      The large imbalance between the financial resources available to the two tiers of government and their respective expenditure responsibilities.

[18]      Committee Hansard, 14 August 2015, p. 2.

[19]      Committee Hansard, 9 October 2015, p. 2.

[20]      Committee Hansard, 6 November 2015, p. 17.

[21]      Submission 72, p. 5.

[22]      Submission 72, p. 5, citing the Australian Bureau of Statistics, Government Finance Statistics, Australia 2013-14, (Cat. No. 5512.0). 

[23]      (Former) House Standing Committee on Economics, Finance and Public Administration Inquiry into Local Government and Cost Shifting, available at https://www.aph.gov.au/Parliamentary_Business/Committees/House_of_Representatives_committees?url=efpa/localgovt/index.htm, p. 26.

[24]      See: http://transportinfrastructurecouncil.gov.au/about/ (accessed 3 February 2016).

[25]      See: http://transportinfrastructurecouncil.gov.au/about/ (accessed 3 February 2016).

[26]      Infrastructure Australia, Statement of expectations at http://infrastructureaustralia.gov.au/about/accountability-reporting.aspx (accessed 22 January 2016).

[27]      Statement of Expectations for the Board of Infrastructure Australia for the period 1 November 2015 to 30 June 2017 available from:  http://infrastructureaustralia.gov.au/about/role.aspx (accessed 10 September 2015).

[28]      Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 12.

[29]      Infrastructure Australia, Australian Infrastructure Plan, http://infrastructureaustralia.gov.au/policy-publications/publications/Australian-Infrastructure-Plan.aspx (accessed 18 February 2016).

[30]      See http://infrastructureaustralia.gov.au/policy-publications/publications/Australian-Infrastructure-Plan.aspx (accessed 10 March 2016)

[31]      Infrastructure Australia, National Priority List at www.nics.gov.au/Home/PriorityProjects (accessed 21 January 2016).

[32]      Proof Committee Hansard, 1 March 2016, p. 10.

[33]      Australian Government Department of Infrastructure and Regional Development ' About the Department' https://infrastructure.gov.au/department/about/index.aspx' (accessed 2 February 2016).

[34]      NICS, 'About NICS' at www.nics.gov.au (accessed 21 September 2015).

[35]      NICS, 'About NICS' at www.nics.gov.au (accessed 21 September 2015).

[36]      See www.nics.gov.au (accessed 21 September 2015).

[37]      Australian Government Department of Infrastructure and Regional Development 'NSRF' http://investment.infrastructure.gov.au/funding/NSRF/index.aspx (accessed 2 February 2016).

[38]      Australian Government Department of Infrastructure and Regional Development 'NSRF' http://investment.infrastructure.gov.au/funding/NSRF/index.aspx (accessed 2 February 2016).

[39]      SA – Department of Planning Transport and Infrastructure, QLD – Department of Infrastructure, Local Government and Planning, WA- Department of State Development, NT – Department of Infrastructure. Note- Responsibility for Infrastructure in the ACT appears to be shared across several portfolios.

[40]      Infrastructure NSW Act 2011 NSW.

[41]      Infrastructure NSW, 'Our Board' http://www.infrastructure.nsw.gov.au/about-us/our-board.aspx, (accessed 2 February 2016).

[42]      The Hon. Michael Gallacher MLC, Minister for Police and Emergency Services NSW, Second Reading Speech, Legislative Council Hansard, 21 June 2011, p. 2923.

[43]      Committee Hansard, 6 November 2015, p. 38.

[44]      See http://www.stategrowth.tas.gov.au/home/about_us/infrastructure (accessed 3 February 2016).

[45]      See http://www.stategrowth.tas.gov.au/home/about_us/infrastructure (accessed 3 February 2016).

[46]      Committee Hansard, 6 November 2015 p. 15.

[47]      See http://www.infrastructurevictoria.com.au/ (accessed 3 February 2016).

[48]      See http://www.infrastructurevictoria.com.au/ (accessed 3 February 2016).

[49]      The Hon Jacinta Allan MLA, Minister for Public Transport Victoria, Second Reading Speech, Legislative Assembly Hansard, 24 June 2015, p. 2115.

[50]      See http://globalinfrastructurehub.org/about/ (accessed 30 October 2015).

[51]      Senate Economics Legislation Committee, Estimates Hansard, 21 October 2015, p. 17.

Chapter 3 - Infrastructure decision making and planning

[1]        Governor of the Reserve Bank, Mr Glenn Stevens, Address to the Economic Society of Australia Luncheon, 10 June 2015.

[2]        Committee Hansard, 14 August 2015, p. 3.

[3]        Standard and Poor's, Ratings Services, Submission 63, p. 2.

[4]        Committee Hansard, 14 August 2015, p. 27.

[5]        Committee Hansard, 9 October 2015, p. 17.

[6]        For a discussion on the advantages and disadvantages of a cost-benefit analysis see Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, p. 16.

[7]        Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 104.

[8]        ANAO, Report No. 14 2015-16 Performance Audit, Approval and Administration of Commonwealth Funding for the East West Link Project, December 2015, p. 7. See also Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, pp 40-42.

[9]        Committee Hansard, 14 August 2015, p. 26.

[10]      Committee Hansard, 14 August 2015, p. 4.

[11]      Committee Hansard, 14 August 2015, p. 4-5.

[12]      Committee Hansard, 14 August 2015, pp 13-14.

[13]      Committee Hansard, 14 August 2015, p. 9.

[14]      Committee Hansard, 14 August 2015, p. 14.

[15]      See Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, p. 42.

[16]      Committee Hansard, 5 November 2015, p. 4.

[17]      Australian Infrastructure Audit Report, April 2015, Vol 1, p. 5.

[18]      Australian Infrastructure Audit Report, April 2015, Vol 1, p. 41.

[19]      Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 160.

[20]      Committee Hansard, 5 November 2015, pp 1-2.

[21]      Committee Hansard, 5 November 2015, p. 4.

[22]      Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, pp 2, 18.

[23]      Submission 65, p. 6.

[24]      Committee Hansard, 5 November 2015, p. 4.

[25]      Committee Hansard, 9 October 2015, pp 39-40.

[26]      Committee Hansard, 9 October 2015, p. 17.

[27]      Committee Hansard, 14 August 2015, pp 4-5.

[28]      Committee Hansard, 14 August 2015, p. 11.

[29]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 105.

[30]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 9.

[31]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, pp 92-93.

[32]      Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 48.

[33]      Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 161.

[34]      Committee Hansard, 14 August 2015, p. 38.

[35]      Committee Hansard, 5 November 2015, p. 1.

[36]      Committee Hansard, 9 October 2015, p. 33.

[37]      Committee Hansard, 9 October 2015, p. 33.

[38]      Committee Hansard, 5 November 2015, p. 3.

[39]      Committee Hansard, 9 October 2015, p. 19.

[40]      Committee Hansard, 9 October 2015, p. 36.

[41]      Urbis is a consulting firm offering services in planning, design, property, social planning, economics and research.

[42]      Committee Hansard, 9 October 2015, p. 36.

[43]      Committee Hansard, 14 April 2016, p. 66-67.

[44]      Committee Hansard, 14 August 2015, p. 26.

[45]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), p. 8.

[46]      Australian Infrastructure Audit Report, April 2015, Vol 1, p. 7.

[47]      Committee Hansard, 6 November 2015, p. 32.

[48]      Committee Hansard, 9 October 2015, p. 20.

[49]      Committee Hansard, 5 November 2015, pp 5-6.

[50]      Committee Hansard, 9 October 2015, p. 5.

[51]      Committee Hansard, 9 October 2015, p. 10.

[52]      Committee Hansard, 14 April 2016, p. 70.

[53]      Committee Hansard, 5 November 2015, p. 34.

[54]      Committee Hansard, 5 November 2015, p. 4.

[55]      Committee Hansard, 6 November 2015, p. 34.

[56]      Committee Hansard, 5 November 2015, pp 33-34.

[57]      Committee Hansard, 5 November 2015, p. 40.

[58]      Committee Hansard, 14 August 2015, p. 1.

[59]      Committee Hansard, 9 October 2015, p. 20.

[60]      Committee Hansard, 9 October 2015, p. 20.

[61]      Committee Hansard, 9 October 2015, p. 7.

[62]      Committee Hansard, 9 October 2015, p. 2.

[63]      Committee Hansard, 9 October 2015, p. 3.

[64]      Committee Hansard, 9 October 2015, p. 3.

[65]      Committee Hansard, 9 October 2015, p. 29.

[66]      Committee Hansard, 9 October 2015, pp 29-30.

[67]      Committee Hansard, 5 November 2015, p. 28.

Chapter 4 - Infrastructure spending

[1]        Public sector engineering construction is commonly used as a proxy for government investment in economic infrastructure.

[2]        Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 57.

[3]        Committee Hansard, 5 November 2015, p. 1.

[4]        Committee Hansard, 14 August 2015, p. 2.

[5]        Submission 66, p 3.

[6]        Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 48.

[7]        Infrastructure Australia, Australia's public infrastructure, part of the answer to removing the infrastructure deficit, October 2012, p. 4.

[8]        Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 31.

[9]        Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 7.

[10]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 65. See Ms Terrill who spoke about the strong sense in the community that major cities are suffering significant congestion, Committee Hansard, 5 November 2015, p. 5.

[11]      Infrastructure Partnerships Australia, Partnerships 2010 Infrastructure & Investment Conference Report (2010), p. 2.

[12]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 2.

[13]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 66.

[14]      Committee Hansard, 5 November 2015, p. 2.

[15]      Committee Hansard, 5 November 2015, p. 2. See also Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, pp 6-7.

[16]      Committee Hansard, 6 November 2015, p. 12.

[17]      Committee Hansard, 14 August 2015, p. 4.

[18]      Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 51.

[19]      Infrastructure Australia, Australian Infrastructure Audit: Our Infrastructure Challenges Report – Volume 1 (April 2015), p. 51.

[20]      Submission 65, p. 7.

[21]      Proof Committee Hansard, 1 March 2016, p. 3.  

[22]      See also Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, p. 8.

[23]      GHD, Infrastructure Maintenance: A report for Infrastructure Australia (March 2015), p. iii.

[24]      Submission 72, p. 13.

[25]      Committee Hansard, 9 October 2015, p. 3.

[26]      Committee Hansard, 9 October 2015, p. 3.

[27]      Committee Hansard, 9 October 2015, p. 2.

[28]      Committee Hansard, 6 November 2015, p. 20.

[29]      Committee Hansard, 6 November 2015, p. 7.

[30]      Western Australian Local Government Association, Submission 72, p. 4.

[31]      Submission 72, p. 13.

[32]      Submission 63, p. 7.

[33]      Submission 63, p. 7.

[34]      Submission 63, p. 7.

[35]      Submission 63, p. 7.

[36]      Submission 63, p. 7.

[37]      Submission 63, p. 7.

[38]      Submission 72, p. 17.

[39]      Committee Hansard, 14 August 2015, p. 1.

[40]      Abdul Abiad, David Furceri, and Petia Topalova, World Economic Outlook:'The time is right for an Infrastructure Push' (30 September 2014); Chapter 3 of the full IMF report, Is it time for an infrastructure push? The Macroeconomic effects of public investment' in IMF, World Economic Outlook 2014 (October 2014), pp 75-107.

[41]      IMF, World Economic Outlook: Legacies, Clouds, Uncertainties, October 2014, p. 77.

[42]      OECD, World Economic Outlook 2015, pp. 139-140.

[43]      Mr Glenn Stevens, Address to the Economic Society of Australia Luncheon, Brisbane, 10 June 2015.

[44]      Mr Glenn Stevens, Address to the Economic Society of Australia Luncheon, Brisbane, 10 June 2015.

[45]      Mr Glenn Stevens, Address to the Economic Society of Australia Luncheon, Brisbane, 10 June 2015.

[46]      Committee Hansard, 14 August 2015, p. 1.

[47]      Committee Hansard, 14 August 2015, p. 1.

Chapter 5 - Infrastructure funding

[1]        Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 90.

[2]        Proof Committee Hansard, 1 March 2016, p. 9.

[3]        Committee Hansard, 14 August 2015, p. 25.

[4]        Committee Hansard, 14 August 2015, p. 9.

[5]        Submission 66, pp 12-13.                                                                                                          

[6]        Richard Webb, The Commonwealth Government's Role in Infrastructure Provision, Parliamentary Library Research Paper no. 8, 2003-04 (2004).

[7]        Infrastructure NPAs can be found on the Council on Federal Financial Relations website www.federalfinancialrelations.gov.au/content/npa/infrastructure.aspx (accessed 8 September 2015).

[8]        COAG, The Federal Financial Relations Framework at www.coag.gov.au/the_federal_financial_relations_framework (accessed 8 September 2015).

[9]        Through the National Partnership Agreement on Asset Recycling. See COAG, National Partnership Agreement on Asset Recycling (2 May 2014) at www.coag.gov.au/sites/default/files/Signed%20National%20Partnership%20(without%20Att%20A).pdf (accessed 15 September 2015).

[10]      The Hon Joe Hockey MP, '$2billion Asset Recycling deal to rebuild NSW', Media release, 8 March 2015.

[11]      'Infrastructure Growth Package - Asset Recycling Fund' in Commonwealth Budget 2014-15, Budget Measures: Budget Papers No. 2, p. 114.

[12]      Tom McIlroy, 'Asset sales reap $60 million from Abbott government for Canberra light rail' in Canberra Times, 19 February 2015 at www.canberratimes.com.au/act-news/asset-sales-reap-60-million-from-abbott-government-for-canberra-light-rail-20150219-13j3hg.html (accessed 8 September 2015).

[13]      NSW Government, 'Rebuilding NSW' at www.nsw.gov.au/rebuilding (accessed 8 September 2015).

[14]      Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 90.

[15]      Committee Hansard, 5 November 2015, p. 7.

[16]      Committee Hansard, 5 November 2015, p. 20.

[17]      Committee Hansard, 5 November 2015, p. 20.

[18]      See for example: Committee Hansard, 9 October 2015, p. 4, p. 19, p. 27; Committee Hansard, 6 November 2015, p. 37.

[19]      Committee Hansard, 14 August 2015, p. 34.

[20]      Proof Committee Hansard, 14 April 2016, p. 14.          

[21]      Committee Hansard, 5 November 2015, p. 42.

[22]      Committee Hansard, 5 November 2015, p. 42. Other examples are included in Infrastructure Australia, Infrastructure Plan, February 2016, p. 94.

[23]      Infrastructure Australia, Infrastructure Plan, February 2016, p. 94.

[24]      Proof Committee Hansard, 1 March 2016, p. 9.  

[25]      Committee Hansard, 14 August 2015, p. 22.

[26]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, p. 163.

[27]      Committee Hansard, 6 November 2015, p. 36.

[28]      Australian Government, Re: think: Tax discussion paper (March 2015), p. 25.

[29]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), p. 163.

[30]      Committee Hansard, 14 August 2015, p. 38.

[31]      Submission 67, p. 3.

[32]      Submission 67, pp. 3-4.

[33]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 165.

[34]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1 p  165.

[35]      Committee Hansard, 14 August 2015, p. 38.

[36]      Committee Hansard, 9 October 2015, p. 14.

[37]      Committee Hansard, 9 October 2015, p. 36.

[38]      Planning and Transport Research Centre (2014), Review of Infrastructure Financing Options for Transport in Western Australia, pp. 55-56.

[39]      Committee Hansard, 5 November 2015, p. 33.

[40]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), p. 166-167.

[41]      Committee Hansard, 9 October 2015, p. 28.

[42]      Committee Hansard, 9 October 2015, p. 28.

[43]      See: http://knowyourcouncil.vic.gov.au/guide-to-councils/finance-and-planning/rates-and-charges (accessed 17 March 2016).

[44]      Australian Government, Australia’s future tax system: Report to the Treasurer – Part Two: Detailed analysis, (December 2009), p. 258.

[45]      Australian Government, Australia's future tax system: Report to the Treasurer – Part Two: Detailed analysis, (December 2009), P. 258

[46]      Australian Government, Australia's future tax system: Report to the Treasurer – Part Two: Detailed analysis, (December 2009), P. 258

[47]      Committee Hansard, 5 November 2015, p. 45.

[48]      Submission 67, p. 3.

[49]      Committee Hansard, 6 November 2015, p. 5.

[50]      Committee Hansard, 6 November 2015, p. 7-8.

[51]      Committee Hansard, 6 November 2015, p. 17.

[52]      Committee Hansard, 6 November 2015, p. 20.

[53]      Committee Hansard, 5 November 2015, p. 43.

[54]      Committee Hansard, 9 October 2015, p. 6.

[55]      Committee Hansard, 1 March 2016, p. 7.

[56]      Proof Committee Hansard, 1 March 2016, p. 8.

[57]      Committee Hansard, 6 November 2015, p. 48.

[58]      Productivity Commission iniquity, Submission 54, pp 5-6.

[59]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), p. 153.

[60]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), p. 154.

[61]      Infrastructure Australia, Infrastructure Plan, February 2016, p. 9.

[62]      Proof Committee Hansard, 1 March 2016, p. 8.

[63]      Committee Hansard, 5 November 2015, p. 27.

Chapter 6 - Infrastructure financing

[1]        Data derived from Commonwealth Budget Papers and Mid-Year Economic and Fiscal Outlook for 2015-16.

[2]        Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 92.

[3]        International Monetary Fund, World Economic Outlook, October 2014: Legacies, Clouds, Uncertainties, (30 September 2015), p. 77.

[4]        Committee Hansard, 14 August 2015, p. 2.

[5]        Committee Hansard, 14 August 2015, p. 6.

[6]        Committee Hansard, 9 October 2015, p. 32.

[7]        Committee Hansard, 14 August 2015, p. 25. 

[8]        Submission 64, p. 24.

[9]        Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 93.

[10]      Submission 60, p. 3.

[11]      Committee Hansard, 5 November 2015, p. 1. See also Ms Marion Terrill, Roads to riches, Better transport investment, Grattan Institute, April 2016, p. 9.

[12]      For an explanation of what a credit rating is and how it is used please see Ms Fabienne Michaux, Head of Developed Markets Asia-Pacific, Standard & Poor's Ratings Services, Committee Hansard, 5 November 2015, p. 16.

[13]      Committee Hansard, 5 November 2015, p. 2.

[14]      Submission 63, p. 6.

[15]      Committee Hansard, 5 November 2015, p. 16.

[16]      Committee Hansard, 5 November 2015, p. 18. 

[17]      Committee Hansard, 14 August 2015, p. 2. 

[18]      Committee Hansard, 14 August 2015, p. 2.                                                                         

[19]      Committee Hansard 5 November 2015, p. 16.

[20]      Committee Hansard 14 August 2015, p. 3.

[21]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, pp 230-231.

[22]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, pp 230-231.

[23]      Committee Hansard, 9 October 2015, p. 32.

[24]      Committee Hansard, 5 November 2015, p. 43.

[25]      Committee Hansard, 9 October 2015, p. 23.

[26]      Committee Hansard, 9 October 2015, p. 23.

[27]      Committee Hansard, 14 August 2015, p. 25.

[28]      Committee Hansard, 14 August 2015, p. 27.

[29]      Committee Hansard, 9 October 2015, p. 23.

[30]      Committee Hansard, 9 October 2015, p. 33.

[31]      Committee Hansard, 14 August 2015, p. 15.

[32]      Committee Hansard, 9 October 2015, p. 33.

[33]      Committee Hansard, 9 October 2015, p. 4.

[34]      Committee Hansard, 9 October 2015, pp 7-8.

[35]      Committee Hansard, 5 November 2015, p. 10.

[36]      Committee Hansard, 9 October 2015, p. 8.

[37]      Committee Hansard, 9 October 2015, pp 4-5.

[38]      Committee Hansard, 5 November 2015, p. 27. 

[39]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 271.

[40]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 272.

[41]      Submission 76, p. 2.

[42]      Submission 76, p. 3.

[43]      Committee Hansard, 14 August 2015, p. 21.

[44]      Committee Hansard, 14 August 2015, p. 21.

[45]      Ernst and Young, Strong Foundations for Sustainable Local Infrastructure: Connecting Communities, Projects, Finance and Funds (June 2012), p. 3.

[46]      Ernst and Young, Strong Foundations for Sustainable Local Infrastructure: Connecting Communities, Projects, Finance and Funds (June 2012), p. 3.

[47]      Ernst and Young, Strong Foundations for Sustainable Local Infrastructure: Connecting Communities, Projects, Finance and Funds (June 2012), p. 3.

[48]      Committee Hansard, 5 November 2015, pp 30-31.

[49]      Committee Hansard, 5 November 2015, p. 31.

[50]      Committee Hansard, 5 November 2015, p. 31.

[51]      Committee Hansard, 5 November 2015, p. 29.

[52]      Submission 76, p. 5.

[53]      Submission 72, p. 4.

[54]      Committee Hansard, 9 October 2015, p. 5.

[55]      Committee Hansard, 5 November 2015, p. 27.

[56]      Committee Hansard, 5 November 2015, p. 33.

[57]      Committee Hansard, 9 October 2015, p. 6.

[58]      Committee Hansard, 9 October 2015, p. 4.

[59]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 180.

[60]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, pp 230-234.

[61]      Committee Hansard, 14 August 2015, p. 6.

[62]      Committee Hansard, 9 October 2015, p. 34.

[63]      Committee Hansard, 14 August 2015, p. 9.

[64]      Committee Hansard, 14 August 2015, p. 9.

[65]      Committee Hansard, 14 August 2015, p. 16.

[66]      Department of Infrastructure and Regional Development, (2008 December), National PPP Guidelines Overview, p. 7.

[67]      Submission 63, p. 9.

[68]      Proof Committee Hansard, 14 April 2016, p. 9.

[69]      Committee Hansard, 14 August 2015, p. 35.

[70]      Committee Hansard, 5 November 2015, p. 10.

[71]      Committee Hansard, 9 October 2015, p. 28.

[72]      Committee Hansard, 14 August 2015, p. 11.

[73]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 7.

[74]      Submission 65, p. 6.

[75]      Productivity Commission, Public Infrastructure, Inquiry Report No. 71 (2014), Volume 1, p. 7.

[76]      Committee Hansard, 14 August 2015, p. 35.

[77]      Committee Hansard, 6 November 2015, p. 18.

[78]      Committee Hansard, 6 November 2015, p. 18.

[79]      Committee Hansard, 6 November 2015, p. 13.

[80]      Committee Hansard, 5 November 2015, p. 27.

[81]      Submission 63, p. 10.

[82]      Submission 63, p. 10. This example solely illustrates the impact of the liquidity mismatch, and does not suggest defined benefit schemes are superior or preferable to defined contribution schemes.

[83]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 119

[84]      Submission 63, p. 10.

[85]      Submission 63, p. 10.

[86]      Proof Committee Hansard, 14 April 2016, p. 14.

[87]      Proof Committee Hansard, 14 April 2016, p. 14.

[88]      Committee Hansard, 5 November 2015, p. 46.

[89]      Committee Hansard, 5 November 2015, p. 7.

[90]      Committee Hansard, 5 November 2015, p. 7.

[91]      Committee Hansard, 5 November 2015, p. 7.

[92]      Committee Hansard, 5 November 2015, pp 7-8. The PC explained that 'Greenfields infrastructure involves construction of new assets (which may require land acquisition and environmental and planning approvals) for which there is no pre-existing demand for the service. Greenfields projects can also involve high construction cost-risk and if the project fails there is no or limited alternative use for the asset. Demand risk is high as there is little data available to assess patronage risk and the like. In contrast, brownfields projects involve assets for which demand for the service already exists and is well understood but where the assets may be in need of improvement, refurbishment or expansion.' See Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, pp. 130, 187.

[93]      Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 188.

[94]      Committee Hansard, 5 November 2015, p. 8.

[95]      Committee Hansard, 5 November 2015, p. 8. See also Submission 68, p. 14.

[96]      Committee Hansard, 5 November 2015, pp. 6-7.

[97]      Submission 66, p. 15.

[98]      Submission 66, pp 15-16.

[99]      Committee Hansard, 5 November 2015, p. 8.

[100]    Committee Hansard, 5 November 2015, p. 9.

[101]    Committee Hansard, 5 November 2015, p. 9.

[102]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 257.

[103]    Committee Hansard, 5 November 2015, p. 35.

[104]    Committee Hansard, 5 November 2015, p. 35.

[105]    Mrs Slattery, Committee Hansard, 5 November 2015, p. 35.

[106]    Committee Hansard, 5 November 2015, p. 35.

[107]    Committee Hansard, 5 November 2015, p. 39.

[108]    Committee Hansard, 5 November 2015, p. 39.

[109]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 244.

[110]    Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 90.

[111]    Committee Hansard, 14 August 2015, p. 5

[112]    Committee Hansard, 14 August 2015, p. 25.

[113]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 291.

[114]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1 p. 291.

[115]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1 p. 291.

[116]    Infrastructure Australia, Australian Infrastructure Plan – Priorities and reforms for our nation's future (2016) – Report, p. 23.

[117]    Proof Committee Hansard, 1 March 2016, p. 8.

[118]    Committee Hansard, 14 August 2015, p. 25.

[119]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1, p. 229. See http://www.eib.org/about/ (accessed 2 December 2015) where it is noted that the EIB raises the bulk of lending resources on the international capital markets through bond issues. Their rating allows them to borrow at advantageous rates.

[120]    The Build USA Act would create an American Infrastructure Bank, as a wholly owned government corporation, to provide methods for funding transportation projects for states. See https://www.congress.gov/bill/114th-congress/senate-bill/1296 (accessed 2 December 2015).

[121]    Committee Hansard, 14 August 2015, p. 20.

[122]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1 p  228.

[123]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1 p. 229.

[124]    Productivity Commission, (2014), Public Infrastructure, Inquiry Report No. 71, Volume 1 p. 207.