If the Abbott/Hockey government is serious about an investment led recovery, they should take a leaf out of the EU’s book! The European Union has approved regulations that increase the importance of applied project management skills as criteria for successful recipients of EU cohesion and structural funds. The new regulation describes the need for “building the capacity of local actors to develop and implement operations including fostering their project management capabilities.”
The regulations see projects, program and portfolio management skills as part of the solution to the challenge of authorities getting projects completed successfully.
The new rules, will govern the next round of EU cohesion policy investment for 2014–2020. The purpose of the cohesion policy is to reduce disparities among the levels of development of the EU’s various regions by promoting economic growth, job creation and competitiveness and will make available up to €366.8 billion to invest in Europe’s regions, cities and real economy (the part that produces goods and services).
The intent of the EU policy is very similar to the 15% asset recycling bonus included in the Australian budget, designed to encourage Sates to sell assets and reinvest the money, plus 15% from the Federal government in new projects. The question is will the Abbott/Hockey government also include a requirement for a commitment to fostering effective project management in the scheme? We think it would be a great idea to adopt!