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LG Manager : NOVEMBER DECEMBER 2012
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other funding sources and are significant because of their reach. A new direction for local infrastructure financing Delivering infrastructure – community infrastructure and nation-building infrastructure – is one of the great challenges of our time. In June I launched strong Foundations for sustainable local infrastructure, the Ernst & Young report into infrastructure funding. Australia’s infrastructure needs can be better met if we develop the partnerships – and this report looks at key enablers to address the infrastructure conundrum. One of the great strengths of Australia’s local government sector is its willingness to adapt to enable it to serve our communities better. As councils and peak bodies have developed smarter ways of doing business, the lessons have been shared throughout the sector and the overall capabilities of local governments have grown. At the local level, the challenge set by the report is clear. Councils cannot afford to wait for state or federal government funding for major infrastructure projects. They need to attract investor partnerships by prioritising projects, identifying potential income streams and demonstrating future returns. This builds the scope for partnerships which cover the life of the asset. recommendation 3: national financing authoritY The Australian Government should work with the states and territories to investigate the feasibility of establishing a national financing authority to aggregate local government borrowing and facilitate the creation of debt products for private investors. Strong Foundations for Sustainable Local Infrastructure, Ernst & Young, Australia, 2012. 8 LGmanagernovemberdecember2012 infrastructure financing
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