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Australian Prime Minister Malcolm Turnbull listens to a question after announcing his new federal cabinet during a media conference at Parliament House in Canberra, Australia, September 20, 2015. Australia got its fifth prime minister in as many years on Monday after the ruling Liberal Party voted to replace Abbott with former investment banker Malcolm Turnbull, following months of infighting and crumbling voter support. Reuters/David Gray

Malcolm Turnbull has carved out his priorities, including flagging massive borrowings to facilitate infrastructure development. In his first wide-ranging newspaper interview since assuming office in September, Turnbull has described himself “by nature a reformer” and indicated a range of reforms in different sectors.

According to the prime minister, the federal government needs to be more involved in transportation projects rather than merely extending grants to states.

Nationals Senator Matt Canavan told Skynews that he believed an increased funding for infrastructure projects would facilitate growth. “I'm not afraid of making investments which do promote economic growth and jobs, indeed it's the only way we can sustainably get on top of our budget problem,” he said.

Besides announcing borrowings for public infrastructure projects, Turnbull also said there would be a bigger tax base with lower rates of interest and an increased involvement of Canberra in nation-building.

"What we're trying to achieve is to ensure that Australians who do live today in a high-wage, generous social welfare net economy, will be able to do so in the years ahead and in an environment where wages will be higher and we'll have a bigger tax base and we'll be able to provide for those in need more effectively," The Sydney Morning Herald quoted him as saying.

He also said that he is not the one to back out of potential investments that would facilitate growth and create jobs. In fact, according to him, such investments are important for a more sustainable budget.

“At the moment it's just a thought from the prime minister, and it will be interesting to see if he can get it through his party room because again this week, you saw Scott Morrison saying the complete opposite in the parliament about Labor's time in government,” Shadow Parliamentary Secretary Matt Thistlethwaite told SkyNews.

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