Moving to a risk-based approach, managed by a centralised independent body, will achieve the following benefits for the Government and the public:
• A consistent whole-of-government approach to investor assurance;
• A focus on the outcomes or benefits delivered as a result of the investment in infrastructure, and not just the outputs (built form);
• A regular level of due diligence that reflects the level of budget risk and complexity for each project, focusing investor assurance resources towards high risk complex projects;
• Increasing transparency for Government regarding project development/delivery risks and progress;
• Contributing to improved levels of compliance with the Gateway Review process applied from the commencement of project development to project implementation;
• Fostering the sharing of skills, resources, experience and lessons learned within and across the government sector;
• More systematic and transparent metrics for Government;
• Greater analytic support for the Government as an investor, before and after an investment decision has been made, rather than project-level assurance only;
• Improving public confidence in the timely provision of value for money infrastructure; and
• Contributing to jobs growth and the State's competitiveness through the delivery of productive infrastructure.