ON THE MONEY
PETER ATTARD MONTALTO: Much-hyped infrastructure spending flatters to deceive
The public relations (PR) from the government on infrastructure has become profoundly unserious. The state of the nation address (Sona), in particular, was filled with too much hot air on the subject. A student housing project is done here, a motorway project there.
Infrastructure is proceeding, no doubt. Yet the budget documents told a separate story. Budgets are continually underspent — about 10% in this fiscal year versus the budget at the start of the year, but about 20% versus the estimates for the current year in the 2020 budget. Infrastructure budgets for the year ahead have been revised down 6% already given departments’ inability to convince the Treasury they actually have the preparedness to spend the money...
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