International and local reviews show that rigorous project selection is the key to boosting economic activity and supporting productivity growth. However, investment in poorly conceived projects can undermine a country's economic prospects.
Our infrastructure planning processes need continuous improvement and greater transparency. The key areas requiring attention are the collection and analysis of data, benchmarking, integration of planning processes, and sharing of data to support the development and prioritisation of projects.
Long-term planning necessarily involves dealing with uncertainty. Australia will need to deal with a number of particularly complex issues, including:
■ the implications of demographic change for Australian society generally and government finances;
■ the scope and direction of technological change;
■ changes in the global economy;
■ the future of work, e.g. where people work, incomes, and part-time work; and
■ the prospect of climate change, and uncertainty as to how the international community will respond.
We must ensure that our planning processes enhance our economic success, international competitiveness and quality of life.