The Victorian Government has invited bids for a 50-year lease of the Port of Melbourne, Australia’s largest shipping container terminal, aiming to raise at least A$5.3 billion ($4 billion) before the end of 2016 and to support the removal of our 50 worst level crossings. Removing level crossings will create thousands of jobs and get Victorians home safer and sooner, the Government says.
Lease proceeds go to the Victorian Transport Fund (VTF) to support projects like removing level crossings, building Melbourne Metro and the Western Distributor and other important transport initiatives.
The VTF will also support projects that help relieve traffic congestion and improve access to the port. It’s a boost for jobs, industry, our transport system and it protects our AAA credit rating.
Around the world and across Australia, successful port leases have seen benefits flowing to the community, exporters, port users, industry and the state.
Only the port’s commercial operations will be leased. The Victorian and Commonwealth Governments retain responsibility for regulating the port’s safety, security and environmental functions.
The lease holder is expected to deliver efficiencies, boost competitiveness and ensure future development of the port is not compromised, reinforcing Victoria’s position as the freight and logistics capital of Australia.
Find out more about the Victorian Government Select Committee Inquiry Submission here
Source & Image Credit: Port of Melbourne
