THE October federal budget will set out the path to rebuild the economy from the impacts of coronavirus.
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The pandemic has wiped out four years of employment growth in the Hunter. Job creation, in our region and across Australia, is an imperative.
In response, the Hunter has launched an advocacy campaign ahead of the budget calling on the Australian government to partner with us to boost jobs and the economy through investment in infrastructure.
The level of focus and investment in the Hunter does not reflect our size, strategic significance or economic contribution. However frustrating that can be, ultimately this comes at great opportunity cost for the nation.
As Australia's largest regional economy, the Hunter has the capacity to make a dent in the national economy.
The Committee for the Hunter has worked across the leaders, peak bodies and the 10 councils of the Greater Hunter to present a unified voice on our region's priorities. As a region we may have been criticised in the past for not speaking as one. This is no longer the case.
We have not prepared a wishlist. The committee has instead presented three projects for consideration: the Newcastle Airport Code E runway upgrade, the University of Newcastle STEMM Regional Transformation Hub, and the Port of Newcastle Multi-purpose Deepwater Terminal.
These projects have been prioritised because they deliver benefits at scale, creating over 20,000 new jobs and billions in economic benefits. Benefits that, with support, will start to flow into our region and the national economy by the end of the year.
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Plans for upgrading the airport's runway and terminals to accommodate long-range, wide bodied aircraft are ready to go. If timed with Defence's scheduled runway resurfacing, the project will generate significant savings while unlocking billions of dollars in economic benefits and 4000 new jobs. If the runway upgrades are not completed as part of Defence's maintenance works, plans are likely to be pushed back until the next scheduled resurfacing in 2040. The region, and the nation, cannot afford to miss this opportunity.
The Port of Newcastle Multi-purpose Deepwater Terminal project builds a world-class, highly-automated container terminal. Global shipping trends show a significant increase in the containerisation of cargo. The MDT project offers an investment ready solution to Infrastructure Australia's recent call for an east coast deepwater container port catering for the larger container vessels. It will deliver substantial savings for NSW exporters and importers. Benefits of the scale offered by the project and commitment from private investors can only be secured if the penalties on container movements at the Port are lifted.
The planned University of Newcastle STEMM Regional Transformation Hub will anchor STEMM disciplines in regional NSW, linking job-ready graduates with local employers and support to create and commercialise innovations. The Hub will improve access for regional students and businesses to STEMM disciplines and workforce, attracting new jobs and growth to our region. The financial impact of COVID-19 means that without support this project is at risk of delay and being scaled back.
The projects are advanced in planning, ready to provide an immediate boost to jobs and the economy. These investments also work to diversify the Hunter economy making us more resilient and self-sufficient in the future. We have skin in the game - support leverages significant partner funding on the table.
If we work together and coordinate investment - between governments, across council boundaries and the private sector - the benefits of individual projects will be further multiplied. That is what creates a substantial investment pipeline, giving business the confidence to invest, expand and create new jobs.
The Hunter has the capacity and scale to deliver. However, the financial impacts of coronavirus on proponents are delaying capital investment. Support is critical for these projects to go ahead and secure benefits.
We are not asking for a handout. There is momentum in the region's economy entering the pandemic placing us in a strong position to respond to the impacts. The region is inviting the government to partner with the Hunter to accelerate this growth and deliver more benefits to the national economy when we most need it.
For more information on The Hunter: Ready to Rebuild the Nation's Economy visit www.hunter.org.au
