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Title: Resolving the infrastructure funding crisis in Australian local government: A bond market issue approach based on local council income
Contributor(s): Byrnes, Joel David (author); Dollery, Brian Edward  (author); Crase, L (author); Simmons, Phillip Ray  (author)
Publication Date: 2008
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Abstract: Numerous state-based and national public inquiries across Australia have demonstrated conclusively that local councils face almost insurmountable problems in coping with the problem of financing a massive backlog in local infrastructure maintenance and renewal. Various solutions have been advanced to tackle the problem, including the establishment of a federal government local infrastructure fund. In this paper we develop an alternative funding approach based on the issue of asset-backed securities by local councils in the capital markets. Using the case of water and wastewater operations by local councils in New South Wales, we show that local government has access to a relatively attractive asset in the form of municipal income that can form an income stream payable on a fixed-income security issued by the Australian local government sector.
Publication Type: Journal Article
Source of Publication: Australasian Journal of Regional Studies, 14(2), p. 115-131
Publisher: Australia and New Zealand Regional Science Association International Inc (ANZRSAI)
Place of Publication: Australia
ISSN: 1324-0935
Field of Research (FOR): 140218 Urban and Regional Economics
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
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