As policy makers refocus their efforts on cities, questions are being asked about how Australia is performing in terms of adopting innovative strategies from which to fund major urban renewal projects.

By all means, the degree of the challenges cannot be understated. In Victoria, a Property Council report released last year suggested the state needed to find at least $50 billion to fund infrastructure requirements over the next 10 years. In New South Wales, the Institute of Public Works Engineering Australasia…