Infrastructure Australia has published new guidelines for the development and assessment of major infrastructure proposals. The 2021 Assessment Framework is a contemporary approach to guide infrastructure decision-making in Australia. It provides instructions on how to develop strong business cases and aims to streamline approval processes.
Infrastructure Australia’s Assessment Framework sets out the criteria for assessing proposals for inclusion on the Infrastructure Priority List (Priority List), the national pipeline of investment priorities. The 2021 edition of the Assessment Framework was developed over an 18-month period in close consultation with key stakeholders, including a Reference Group made up of experts from federal, state and territory governments.
The 2021 edition includes broadened Assessment Criteria to allow for more holistic review of a proposal’s potential benefits, in addition to those that can be monetised through traditional cost–benefit analysis.
Key updates to the Assessment Framework include:
- New guidance on how to demonstrate strategic merit, quality-of-life impacts, meaningful stakeholder engagement activities, sustainability and resilience.
- A simpler, four-stage process that aligns with state and territory frameworks.
- A pragmatic approach for defining a base case.
- Recommending but not requiring at least two options and a base case in a business case.
- An updated CBA methodology.
- Four new technical guidelines to provide greater detail on: risk and uncertainty analysis; program appraisal; multi-criteria analysis and economic appraisal.
Stage 1 submissions are expected to adopt the new guidance immediately. Stage 2 and Stage 3 submissions are expected to align with the new guidance from 1 January 2022.
More information here