Victoria remains at the top of the economic performance rankings alongside NSW, according to the Deloitte Access Economics’s (DAE) latest quarterly report. At the end of the March quarter, 100 projects were underway, and DAE estimates the combined projects’ worth to reach $42.7 billion. The value of infrastructure projects in the state has grown by $18 billion or 20.5 per cent over the past year.
The current Labor Government is delivering a pipeline of infrastructure investments, including the construction of the Metro Tunnel and the West Gate Tunnel.
Victoria’s boom comes despite the value of national investment projects declining by $62.4 billion over the last year.
“Our unprecedented pipeline of major infrastructure projects means a booming construction industry and tens of thousands of jobs—all working on building a better Victoria for us all,” Treasurer Tim Pallas said.
Infrastructure Investment Doubles
The Labor Government has more than doubled infrastructure investment to an average of $10.6 billion annually over the four years to 2021-22 compared to the long-run average. What’s more, there is also $37.9 billion worth of private sector projects currently planned or underway across Victoria, according to DAE’s report.
“Our state continues to lead the nation in construction,” Pallas said. “Our infrastructure investment is helping boost the economy and creating thousands of jobs—for engineers, apprentices and labourers who are building our state.”
Melbourne’s Biggest Rail Project in Four Decades
As part of the Rail Systems Alliance (RSA), CPB Contractors is working with the Victorian Government to deliver the $11 billion Metro Tunnel Project, the state’s biggest investment in public transport to date.
Project’s principal contractor CPB Contractors and Bombardier Transportation are partners in the RSA, with the Melbourne Metro Rail Authority and Metro Trains Melbourne.
Construction on the Metro Tunnel started in 2016 with completion expected by 2025. It is Melbourne’s biggest rail project since the 1970s. The project sees 9 kilometres of twin tunnels, five new underground stations, and access to the network for 504,000 more passengers.
Opportunities at West Gate Tunnel
Several opportunities are now available for contractors to work on the West Gate Tunnel Project. John Holland and CPB Contractors have put the call out for EOI’s, which close on 30 June 2020. You can find out more about opportunities here.
The West Gate Tunnel Project is a partnership between the Victorian Government and Transurban). When completed, it will improve travel to and from Melbourne’s west and will offer a much-needed alternative to the West Gate Bridge.
The project involves building four more lanes on the West Gate Freeway, twin tunnels under Yarraville, and construction of a new bridge over the Maribyrnong River that links to an elevated road above Footscray Road.
A second tunnel boring machine has just arrived in Australia from China. Vida has joined Bella, which arrived in Melbourne back in January. Together, they will dig twin tunnels under Yarraville between the West Gate Freeway and the Maribyrnong River.
Hotel Construction Boom
Apart from the positive commitment seen in Victoria’s infrastructure projects, the hotel sector is in the middle of a rapid growth phase across Australia, with Melbourne leading the way.
As construction of inner-city apartments slows, developers have been quick to tap into the aggressively expanding hotel sector. As many as 10,208 rooms have been approved or are under construction.
Melbourne developer Riverlee has teamed up with US billionaire Barry Sternlicht to debut the upmarket 1 Hotel brand on the banks of the Yarra River.
Riverlee will build the complex, designed by Fender Katsalidis, which will also feature apartments, a function centre, bars and restaurants. The construction is expected to begin in 2020, and its completion is flagged for 2022.
“Securing one of the world’s top luxury hotel operators to build in Victoria is a clear sign of confidence in our visitor numbers, our economy, and our reputation as a city of great food and drink,” said Minister for Jobs, Innovation and Trade Martin Pakula.