At the time, we identified the principal concern of large-scale infrastructure projects running over budget, estimating that $20-40 billion of Australia’s infrastructure was at risk.

Since then, a lot has changed and not for the better. Two key themes within our overall analysis have emerged, both in response to the recession caused by COVID-19 and much of the inherent infrastructure portfolio risk.

Reliance on infrastructure capital as a source of stimulus

It has not been an enviable year for those working in the public sector, with challenging decisions and heart-wrenching trade-offs made daily. However, one positive step has been universally reinforced by the Federal and State governments: the construction of public infrastructure as a vital – perhaps the largest – source of economic stimulus to help us grow out of the recession.

As a result, infrastructure commitments have increased from already record levels and commitments have been made to accelerate that spend.