ASBEC has identified a number of areas associated with infrastructure project appraisal which we strongly recommend be adopted by Infrastructure Australia to ensure that the most productive and sustainable projects are prioritised:

• A whole-of-government approach to project appraisal, supporting consistency and best practice across the states and territories is critical. This project appraisal framework should be integrated with the existing work undertaken by Infrastructure Australia, and those relevant state and territory departments and agencies advising and overseeing infrastructure prioritisation, funding and delivery. Clear recommendations and next steps facilitating this whole-of-government approach should be included in the framework to support its implementation.
• Major infrastructure decision making must be informed and underpinned by a minimum 30 year socio-economic masterplan which takes into account optimising current asset stock, along with issues including demographic trends, economic shift to knowledge and service based economy, climate impacts, cumulative environmental impacts and costs, whole of life costs and wider economic benefits
• The business case for all infrastructure investments (brown and greenfield) must demonstrate shared value and value creation benefits across the social – economic – environmental triple bottom line and should be quantified where practicable.

Read submission.