Fast rail Gold Coast: How line can be paid for

While it’s fantastic to see the powers that be finally taking fast rail seriously, there’s one little detail that needs to be sorted out, writes Keith Woods.

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IT is the final missing link in the Gold Coast’s transport debate.

Both sides of politics and the council of mayors agree that it is a good idea. A recent survey also showed it’s backed by 80 per cent of voters.

And now, finally, the Federal Government appears to be taking very seriously the prospect of fast rail for the Gold Coast.

The necessity is going to become increasingly obvious in coming years. Once the Coomera Connector is constructed, the options to improve our road network look increasingly limited. The ‘second M1’ is only possible because the land corridor has been reserved for many years. But there are no more such corridors left.

The population of our city, however, will continue to grow. When the Coomera Connector itself becomes clogged with traffic, then what? An efficient and affordable public transport system looks like the only answer.

Potential travel times for fast rail lines in south east Queensland.

Currently, it takes an hour and a quarter to travel to Brisbane by train. It can take as long to go by car from Gold Coast Airport to northern suburbs. Fast rail, with trains travelling at up to 160km per hour, would slash those times.

The city also needs major stimulus as it copes with alarmingly high unemployment in the wake of COVID-19 restrictions.

It was shocking to read last week, that of the 10 regions in Australia with most mortgage deferrals, six are located on the Gold Coast.

Major infrastructure investment is one of the best ways government can tackle the problem. For every job created directly, many more come as the money earned gets spent in the community. Almost every dollar ultimately makes its way back to the government in taxes. And the Gold Coast gets badly needed infrastructure. It is a virtuous circle.

The big obstacle holding back fast rail – and the extension of heavy rail to the airport – has always been the cost involved. The $4 million committed by Treasurer Josh Frydenberg last night to accelerate the existing business case for the project is but a tiny drop in the ocean. This will cost many billions.

Senator Gerard Rennick makes a speech in the Senate chamber at Parliament House in Canberra. (AAP Image/Mick Tsikas)

ROUTE OF HEAVY RAIL EXTENSION TO AIRPORT REVEALED

Queensland Senator Gerard Rennick, among those pushing hardest for nation-building infrastructure projects including a Gold Coast fast rail line, has put forward an eye-catching proposal on how the funding could be arranged.

On a visit to the Gold Coast last week, he outlined to your columnist his vision of a national Infrastructure Bank funded by quantitative easing – a monetary tool used extensively overseas.

It’s quite complicated monetary policy, but put simply, Senator Rennick wants to see nation-building infrastructure delivered, and jobs created, without resorting to borrowing yet more billions from overseas.

“Funding infrastructure via quantitative easing provides ‘free’ capital to unlock the nation’s untapped wealth,” he said.

“Infrastructure bonds can be issued for long periods of up to 30 years.”

The current preferred options for light and heavy rail heading south on the Gold Coast to the airport.

Although quantitative easing is in many ways a fancy term for printing money, Senator Rennick said it does not risk inflation if used to “invest” rather than contributing towards regular spending.

“The infrastructure Bank could lend to states based on the merits of the proposal,” he said. “It can wedge them into doing something.”

Mr Frydenberg made a similar point about the states in his Budget speech last night.

“Funding will be provided on a use it or lose it basis,” he said. “If a state drags its feet, another state will get the money. We need works to start, not stall.”

Work on extending heavy rail to Gold Coast Airport has been stalled for years. Fast rail has been spoken about, with no real urgency, for almost as long.

Finally, this may be about to change.

With Cross River Rail soon to boost capacity here and the rail corridor to the airport already available, the Gold Coast looks like the ideal place for fast rail to debut in Australia.

The urgency now finally appears to be there in Canberra. Hopefully, no matter who wins the state election, it will be found in Brisbane too.

Follow @keithjwoods