Infrastructure Reference Group (IRG)

Infrastructure Projects

The Infrastructure Reference Group (IRG) consists of highly experienced infrastructure leaders and was established to advance infrastructure projects as soon as the construction industry returned to normal following the response to the COVID-19 pandemic. The Minister of Finance and Associate Ministers of Finance provide ministerial oversight of the IRG.

The IRG steering group assessed and put forward to Ministers projects from the private and public sector which would have an immediate stimulatory effect on the construction industry, its workforce and the economy, and also included a mix of smaller projects that could demonstrate a direct and immediate benefit to the regional economies and communities in which they were based.

The IRG received submissions on 1,924 projects with a combined value of around $136 billion over a wide-ranging number of project types. Projects needed to show that they could be underway within 12 months from the date of funding being contracted, with material employment benefits and which provided national or regional public benefit.

The submitted projects were considered against these criteria. The IRG shovel ready announcement on 1 July 2020 identified 150 programmes/projects that were shortlisted to receive Government stimulus funding. These projects were then announced progressively since July 2020 in principle and subject to due diligence. Once the appropriate due diligence was completed the projects were then formally approved by Ministers for the release of funding.

CIP is directly responsible for overseeing 46 IRG projects, and contracting with third parties, with Government funding of $1.3 billion and a total project value of $2.4 billion As at 30 September 2023, CIP had advanced $908.5 million (67%) of approved Government funding and is expecting to advance 80% by June 2024. Additionally, CIP is also responsible for co-ordinating briefings, reporting, and advising on other agency oversight risk to IRG Ministers as well as quarterly public reporting.