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Finance for Urban Public Infrastructure

Macquarie University, New South Wales

The financing of urban public infrastructure is becoming increasingly problematical in a world of high real interest rates and stringent fiscal constraints. In many countries public authorities are turning (or returning) to different ways of financing local needs. These include extensions of user-pricing and widespread reliance on earmarked taxes and up-front capital contributions by land developers, as well as joint capital participation with private interests. Issues of equity and legality are of increasing concern. While the earmarking of funds can improve efficiency, flexibility is reduced; and there are risks of intergenerational and horizontal inequity. But the need for innovative approaches to finance has one major advantage, that it is encouraging public authorities to demonstrate more clearly the nexus between the benefits that How from new infrastructure and the incidence of cost.

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