THE current members for the Federal electorates of Mallee and Farrar have thrown their support behind the Opposition Coalition’s $20 billion future fund proposal.
Called the Regional Australia Future Fund, the nationwide pre-election commitment would see money come from scrapping Labor’s housing Australia future fund, as well as with the national reconstruction fund worth $10 billion and $15 billion, respectively.
The Coalition has also pledged to set up a second fund, called the future generations fund, which would be used to pay down government debt.
“On Budget night in late March, I said ‘Labor has squandered the rivers of gold of resources and income tax revenue while delivering no meaningful productivity reform’,” Member for Mallee Dr Anne Webster said.
“Mallee residents in the many communities large and small across the electorate’s 83,412 square kilometres I visited this last week at mobile offices consistently raised the dangerous and appalling state of our roads.
“They feel powerless and at the mercy of the Albanese and Allan Labor governments who ignore them.
“I am thrilled to tell them today, that will change under a Coalition Government.
“Critically, the two funds will not be financed through new debt, as Labor are doing, and instead be sustained by real windfall revenue, bolstering the federal balance sheet and reducing net debt.
“The Coalition’s debt-busting, nation-building funds will lower debt and therefore ease pressure on inflation and interest rates, thus improve our cost of living, support strategic infrastructure, boost investment and productivity, and strengthen regional economies by creating jobs and creating incentives outside capital cities.”
Member for Farrar and Deputy Liberal Party leader Sussan Ley said money from the future fund would address a perceived lack of spending in her electorate by the current Commonwealth Government.
“Communities across Farrer have told me how Federal funding has fallen through the floor under Labor,” she said.
“Our councils have not been supported by Labor and this put even more upward pressure on rates.
“Southwestern New South Wales needs and deserves serious money to fix our roads, improve our mobile and internet coverage, and improve access to healthcare and childcare.
“This fund has been designed to deliver for regional Australia, including southwestern NSW, in perpetuity, so we can get Australia back on track.”
As part of the regional future fund plan, $1 billion of the $20 billions would be allocated each year.
The Coalition also plans to legislate the funds so they can’t be easily scrapped by future governments.
The money would be distributed through a competitive grants process to not-for-profits for projects like expanding a childcare centre or boosting the number of regional Commonwealth-supported university placements.
Nationals leader David Littleproud said the investment fund meant regional areas won’t have to squabble over general Federal Government money.
“We’re always fighting in regional Australia to get that last mile of infrastructure spend that doesn’t fit in the normal pots of money,” he said.
“This is just about making sure that we have that reliable amount of funding that’s there year in, year out, and then we’re not having to fight for it every year.”
Shadow treasurer Angus Taylor said mining and commodity windfalls would be turned into assets under the both proposed funds.
“These funds will be about future generations of Australians and investments that are necessary for them to have the best possible life they can have,” he said.
