Upgrades to the Monaro Highway will be fast-tracked, with the federal and ACT governments bringing forward funding to improve the major arterial road.
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As part of Prime Minister Scott Morrison's $3.8 billion spend on road and rail projects, $30 million of the $100 million already promised for Monaro Highway upgrades has been brought forward to be spent in the 2020-21 financial year.
The ACT government had matched its federal counterpart's $100 million promise, and will also push forward $15 million to be spent in 2020-21.
The work, that will now start in 2020-21, includes upgrading intersections between Johnson Drive in the south up to the Alexander Maconochie Centre, with the aim to allow a consistent speed limit of 100 kilometres per hour from Johnson Drive to Hindmarsh Drive.
Intersections at Isabella Drive and Lanyon Drive are set to be removed under the plan, with that stretch of road likely to be the first to start under the new spending.
The project's current proposed completion date is at the end of 2025, unchanged with Monday's announcement.
MONARO HIGHWAY UPGRADE - WHAT YOU NEED TO KNOW:
- Federal government to spend $30 million in 2020-21;
- ACT government to spend $15 million in 2020-21;
- Works will remove intersections between Johnson Drive and the Alexander Maconochie Centre; and
- A northbound overtaking lane between Royalla Drive and Williamsdale Road will be finished early next year.
"By bringing funding forward, we can get on with our infrastructure commitments like the Monaro Highway upgrade which will cut travel times and increase road safety while driving more jobs in the ACT," Prime Minister Scott Morrison said.
Acting chief minister Yvette Berry said the federal funding announcement was welcome.
"The ACT government has agreed to bring forward $15 million of its contribution to allow the first $45 million of major works to commence construction in the 2020-21 financial year and receiving the Australian government funding sooner will better support planning and expedite construction for the jointly funded project," she said.
Ms Berry also announced that a one kilometre-long overtaking lane northbound between Royalla Drive and Williamsdale Road is expected to be finished before the 2020 ski season.
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ACT Senator Zed Seselja said he was "thrilled" the funding had been brought forward.
Monday's announcement is a swift turnaround in relations between the ACT and federal governments, after Ms Berry accused the federal Coalition of ignoring the ACT when it came to infrastructure spending.
"The Liberal government simply doesn't care about Canberrans," Ms Berry said in a release on Thursday.
"The Liberal government has no plan to support jobs for Canberrans and no plan to support our community."
The ACT government was in the dark on an announcement as recently as Saturday, but animosity has been put aside to push forward the funding for the Monaro.
The cash injection is the government's bid to boost the economy, with low growth and wages causing headaches for the Prime Minister, who is unwilling to sacrifice the promised budget surplus despite Labor's calls for economic stimulus.
"This will support the economy in two ways - by accelerating construction activity, supporting jobs in the near term and by reaping longer term productivity gains sooner," Mr Morrison said in a speech to the Business Council of Australia on Wednesday.
Mr Morrison said the government would not be panicked into unnecessary spending.
"A panicked reaction to contemporary challenges I believe, would amount to a serious misdiagnosis of our economic situation and our great opportunities."
Just the one project will be fast-tracked in the ACT, with promised projects for the Barton Highway and William Slim Drive to continue on their existing timetables.