Building and development projects to continue playing a huge role in the state’s recovery
The coronavirus pandemic that has affected so many lives and industries, seem to be not going away anytime soon. The best thing to do as individuals is to actually learn to live with it – learn to adapt. However, for the economy, the only way to recover is to practically do the same thing. Open up businesses and industries to continue doing services.
The state’s economic recovery will reportedly be further strengthened by new projects that are set to be accelerated with $1 billion funding. These projects will most definitely create more jobs that will stimulate growth in the state of Victoria in metropolitan, rural, and regional.
Minister for Planning Richard Wynne says that “it’s more important than ever we continue to adding to our pipeline of shovel ready for projects to create jobs and stimulate the economy” and looks like, that is exactly what is going to happen. An extensive pipeline of shovel ready projects with the approval of new planning permits worth $933 million.
According to the latest media release, in addition to the new planning permits approved, there’s about $100 million worth of amended planning permits that are required for significant changes to development was also approved. These projects will help secure more jobs for the building and construction industry. Since March, 135 new amended planning permits were issued with a combined development value of $7 billion.
For the next 12 months, the Building Victoria’s Recovery Taskforce fast-track function will continue to review and assess priority projects for faster approval. The criteria for intervention will be refined to better reflect priorities for the recovery of the state. The assessment of priority projects should include their capacity to protect and create jobs, stimulate economic growth, and contribute to affordable housing objectives as well as reducing emissions.
Currently, Victoria is under Stage 4 restrictions but soon, regulations will be eased and the released roadmap out of it for a COVID-normal return will be implemented while still following mandatory rules like physical distancing and wearing of face mask.
The following are some of the new priority projects approved:
$250m 8-storey commercial hub at Toorak village with a ground floor supermarket and retail precinct;
$206m 3-tower development at 2-28 Montague and 80 Munro Street South Melbourne;
A new aged care facility on Greville Street Prahran worth $60.5m;
A 20-storey commercial and retail development at 118 Bertie Street, Port Melbourne at $66 m;
$4.67 million Social Housing development at Wilma Avenue Dandenong.
It has been established that the key driver of the Australian economy is the building and construction sector. The projects that were approved will guarantee the commitment to support the industry and provide what it needs during and out of this pandemic.