Australia’s major project activity has eased during the pandemic, but the outlook has improved considerably, particularly for renewables, according to a report by ANZ Research. The cyclical and structural changes triggered by the pandemic have both positive and negative implications for Australia’s major infrastructure project pipeline in the near term and over the longer term.
Although some sectors will be more affected than others, the pandemic’s impacts are pervasive, touching everything from transport to electricity to resources to non- residential property. ANZ Research’s Australian Major Projects report said Australian major project activity is set to ramp up quickly over the next two years, with an increase of up to $21 billion year-on-year in 2021-22 alone.
By 2022-23, the potential investment pipeline swells to almost $93 billion. If achieved, this would be the highest level since the mining boom in the early 2010s.