Australia’s stock market is likely to suffer as a consequence of the Federal Government’s decision to cut billions of dollars in subsidies for highland parks.
The Commonwealth and the Government are expected to announce on Wednesday that the federal Government will slash the number of Commonwealth land trusts and state-owned forests from about 14,000 to 6,000, while cutting grants to rural and regional organisations, which are in the process of being rolled back.
That will leave about 9,000 new Commonwealth land trust land trusts (BLTs) and almost 4,000 state-run forests.
Under the Commonwealth’s new $2 billion infrastructure program, the Government will now give each state and territory $20 million to invest in infrastructure.
The total value of the infrastructure projects will be $6.6 billion.
But the Commonwealth and Government will also cut a further $2.5 billion from other Commonwealth and State-owned projects.
“The Commonwealth has announced today that it will discontinue funding for the National Broadband Network and other public infrastructure projects in the areas of road and rail, and the Northern Territory, which is the largest and most populous of the Commonwealths territory,” Commonwealth Secretary Peter Cosgrove said.
In a statement, Mr Cosgrovel said the funding cuts would also mean the Commonwealth will not be able to “continue its $1.2 billion National Broadbets grant to Northern Territory.”
“This will have a significant impact on the ability of the Northern Territories to deliver on its vision for an integrated, connected and sustainable society, including providing greater access to the NBN and other new broadband services,” he said.
Topics:government-and-politics,business-economics-and the-media,business,industry,federal-government,government-elections,australiaFirst posted November 17, 2018 11:07:49Contact Nicky PayneMore stories from New South Wales