Senator Joyce said today that the Auditor General report on Infrastructure Australia's first audit report reveals Labor's politicised, haphazard and sloppy approach to infrastructure investment.
In the 2008-09 Budget, the Rudd-Gillard Government committed themselves to:
Decision making based on rigorous cost-benefit analysis to ensure the highest economic and social benefits to the nation over the long term.
"The Auditor-General's report today shows that not only did this Government fail to conduct rigorous cost-benefit analysis, some of the 28 'pipeline' infrastructure projects which were identified did not pass a cost-benefit analysis.
This approach disagrees with the advice given by Dr Ken Henry last year when he said:
Government spending that does not pass an appropriately defined cost-benefit test necessarily detracts from Australia’s wellbeing. That is, when taxpayer funds are not put to their best use, Australia’s wellbeing is not as high as it otherwise could be.
"The Auditor-General's report just shows another example of Labor's wasteful and reckless approach to spending taxpayer's dollars. After the Coalition left Labor with $60 billion in the bank and a $20 billion surplus, Labor rushed $90 billion of stimulus spending, with only 14 per cent of it spent on economic infrastructure.
“Labor seats have attracted 84 per cent of spending from the Education Investment Fund and 73 per cent of spending from the Health and Hospitals Fund.
"The result is that the Building Australia Fund has only $705 million left.
"Australia can not afford another three years of Labor."