Infrastructure becomes driving force of Australian PM's plan for economic recovery

Australia's prime minister and Opposition leader have laid out plans for the nation's economic recovery from COVID-19.

In a speech to the Committee for Economic Development of Australia (CEDA) on Monday, Prime Minister Scott Morrison announced that 15 infrastructure projects worth a combined 72 billion Australian dollars (49.1 billion U.S. dollars) will be fast-tracked, supporting over 66,000 direct and indirect jobs.

He announced that federal, state and territory governments have reached an agreement on a new infrastructure deal to slash approval times for projects in half.

The Australian economy has entered a recession for the first time since 1991 and Morrison on Monday confirmed that the Federal Budget was facing a record deficit for the next two years.

"We must be extremely cautious about our expenditure," Morrison said.

"Especially as we navigate our way back from the record fiscal supports now in place.

"In conclusion, Australia faces an immense challenge as we look to recover from our first recession in three decades.

"We need to return that growth that will ensure real and sustainable jobs, the wages that support families with all of the decisions they want to make. And importantly the essential services that Australians rely on.

"It is now time to gather the momentum and continue to build the confidence that we need to resume this great adventure."

According to Morrison projects will be able to start several years earlier than previously expected.

Also addressing CEDA, Anthony Albanese, the leader of the Opposition Labor Party, instead made the case for rebuilding the economy on "our potential as a clean energy superpower."

He identified "policy confusion" on energy as a major impediment to economic growth, citing research by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) that found that "net zero emissions by 2050 would result in higher wages, higher growth and lower energy costs."

"Our post coronavirus actions must confront the weaknesses in our pre-coronavirus world. And here, productivity stands out," he said.

"Our productivity renewal project will lift business investment, lift investment in people and lift investment in critical infrastructure.

"Our goal will be to drive growth through productivity and to drive fairness through growth.

Albanese also said that having followed the advice of medical experts on COVID-19 the government should now do the same with advice from scientists on climate change.

"I want to rebuild our capacity to have constructive national conversations about the big issues," he said.

"Of course, one of the biggest issues we need to be having a grown-up conversation about is climate change."