Private sector contribution to Cross River Rail revealed

The private-sector contribution to Cross River Rail has been revealed as Treasurer Jackie Trad announces a $13 billion infrastructure cash splash across the state.

THE private sector is set to inject an almost $1.5 billion whack of cash into the Queensland Government’s pet Cross River Rail project.

Treasurer Jackie Trad unveiled $12.94 billion in infrastructure spending in yesterday’s State Budget — up over 10 per cent on the previous year — including $1.48 billion to begin major construction work on the rail project in 2019-20.

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This expenditure is part of a four-year plan from the Government to invest $49.5 billion in infrastructure across the state.

Budget documents also revealed for the first time the private contribution to Cross River Rail, with the project barely receiving a mention from Ms Trad in her speech to State Parliament.

The private sector contribution to Cross River Rail has been revealed for the first time under the government’s promised public-private partnership.

CROSS RIVER RAIL CONSORTIUM REVEALED

The private sector will chip in $1.479 billion to the project, while the State Government will continue to fund its share with $5.409 billion set aside under its promised public-private partnership.

Unlike in previous Budget speeches, Ms Trad only made one mention of the southeast-based project in her address to State Parliament yesterday.

Instead she homed in on the regions, where about 60 per cent of infrastructure money will be spent next financial year.

This included $60 million for the Mackay ring road, $29.1 million for the Rockhampton northern access, $68.2 million for the Cairns southern access and $186 million to widen the M1 on the Sunshine Coast between Caloundra Rd and the Sunshine Motorway.

The Government will also allocate $102.8 million to the construction of the North Queensland Stadium and $46.3 million for the Smithfield bypass.

Treasurer Jackie Trad said this year’s infrastructure spend would support more than 40,000 jobs across the state.

“This year the capital program will invest almost $13 billion in job generating infrastructure, directly supporting more than 40,000 jobs,” Ms Trad told State Parliament yesterday.

“And more than 25,000 or 63 per cent of those jobs will be in regions outside of Greater Brisbane.”

Ms Trad’s Budget pledge to spend $49.5 billion in infrastructure projects over the next four years is up from their previous four year commitment delivered in last year’s Budget of $45.8 billion.

“Building infrastructure creates good jobs in construction,” she said.

“But it also builds our economic capacity, attracting new industry and private investment.”

Central Queensland will receive the most infrastructure funding outside the southeast next financial year, with the government set to spend $1.121 billion on projects.

The Townsville region is in line for $930.7 million in infrastructure funding, while the far north Queensland region, which includes Cairns, is slated to receive $967 million in funding.

In the greater Brisbane region, which includes Brisbane, Redland, Ipswich and Logan, the infrastructure spending will reach nearly $5.25 billion.

The Government is forecasting about 99 per cent of the budgeted capital purchases from 2018-19 to be delivered — compared with an average of 85 per cent in the five years from 2012-13 to 2016-17.

Southside commuter Marcel Coquerand stands to benefit “massively” from the Cross River Rail project, which would lessen the clogged and congested commute he faces every day.

Living in Holland Park, he currently catches a bus to the city, but with Cross River Rail he could transfer at Boggo Road when the project is up and running.

“It would mean less bus congestion, a faster route and more options because I could transfer to get on the CRR,” he said.

“It will be benefit commuters, with less people on buses because they have better transport options and generally less congestion.”