Childhood asthma is a major health issue in Australia, and traffic emissions play a causative role. Two urban planning policies that impact children’s exposure to traffic emissions are considered in terms of the potential health risks to children in a Melbourne suburb with high truck volumes and hospital attendances for childhood asthma. Firstly, the health impact assessment component of the state planning approval of a major road project, and secondly, local government placement of childcare centres and schools in relation to freight routes. Three sources of air quality monitoring data were examined: (i) a Victorian EPA reference site; (ii) a site with planning approval for development into a childcare centre; and (iii) five sites within the boundary of the West Gate Tunnel Project, an AUD 10 billion road and tunnel project. The Australian Urban Research Infrastructure Network data was utilised to assess distances of childcare centres and schools from major truck routes. A range of cconcentration–response functions for childhood asthma (0–18 years) from international systematic meta-analyses and a smaller Australian cross-sectional study were applied to comparative elevations in fine particulate matter (PM2.5) and nitrogen dioxide (NO2) concentrations between the EPA reference monitor (used for project risk assessment) and local roadside data. It was found that comparative elevations in NO2 concentrations were associated with the following risk increases: developing asthma 13%, active asthma 12%, and lifetime asthma 9%. Overall, 41% of childcare centres (n = 51) and 36% of schools (n = 22) were ≤150 m to a high-density truck route. Truck emissions likely make a substantial contribution to childhood asthma outcomes in the project area. This study exemplifies how current practices may not be commensurate with guiding policy objectives of harm minimisation and equitable protection.