Australia’s housing market is in crisis, with prices soaring and the Government’s plan to build a new $500 million A$1.3 billion building in Melbourne’s west being stalled.
Key points:AAP: Melbourne’s new building, which will be called The National Capital, is set to cost more than $1 billionIt is not yet clear how much the new building will cost, with the Government already spending more than it earns in the first 10 years of the projectThe building will be the biggest in Australia and will be designed by Melbourne architect Peter Buckland.
It is set for construction in 2023, with an estimated cost of about $1.1 billion.
The Government has been forced to spend more than the $100 million it earns from the construction and is now asking the public for its help.
The government is asking $1,000 donations to make the $500,000 building possible, with a further $250,000 available through the Government Bond Fund.
The Treasurer’s Office says the government expects the building to cost between $1 million and $2 million over its 10-year life, but the Government said it would only spend $1 to $2 billion on the project.
“It’s about time we got on with the job,” Mr Shorten said.
“We’re on track to be building the country’s biggest city centre in the future.”
The Government will spend $500 per person to cover the costs of the building, with $200 going towards the building’s construction and construction-related equipment.
In a statement, Treasurer Scott Morrison said the building would be built in the heart of Melbourne’s CBD, with new jobs and growth expected.
“Building the world’s biggest City Centre is the perfect way to deliver the Government of Australia’s economic strategy,” he said.
Construction will start in 2020, with work to complete by 2024.
Mr Morrison said there was no rush to finish the building and said the Government was not seeking public money for the project at this stage.
It will cost more to build in the city centre than in any other city in Australia.
Australia’s population of around 8 million is expected to reach 8.6 million by 2023. AAP