Tim Pallas: Port of Melbourne lease drives new state projects
THE Andrews Labor Government’s 50-year lease of the Port of Melbourne has sealed the deal on one of the most important transactions in Victoria’s history, writes Tim Pallas.
Opinion
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THIS week, the Andrews Labor Government sealed the deal on one of the most important transactions in Victoria’s history — the 50-year lease of the Port of Melbourne.
We cannot stress enough the significance of this $9.7 billion deal and the positive effects it will have on the state’s long-term economic and social wellbeing.
This is an emphatic vote of confidence in the Victorian economy — the fastest-growing in the nation.
$1.4B STOUSH ERUPTS OVER PORT BONUS
NORTH EAST LINK CONSIDERED AFTER PORT OF MELBOURNE WINDFALL
PORT OF MELBOURNE LEASED FOR MASSIVE $9.7 BILLION
PORT LEASE BILLIONS TO PAY FOR INFRASTRUCTURE
An economy that has put on more than 176,000 jobs since this government was elected — with more than 116,000 of those jobs full-time.
The lease represents a win for all Victorians.
By unlocking the asset for a record price — we’re able to put the proceeds towards the vital infrastructure that Victoria needs, and continue our state’s strong economic momentum.
First up, we are removing 50 of our state’s most congested and dangerous level crossings.
This was a promise that we took to the last election and, as we’ve demonstrated, we are a government that keeps its word.
But it won’t stop there. And it can’t.
Today, Victoria is home to nearly six million people — a quarter of Australia’s population.
And it’s growing.
Why? Because we are creating jobs and opportunities, and we provide world-class services like schools, hospitals and public transport.
As a responsible government, our challenge is not just for the next four years, but to ensure we invest and grow Victoria with an eye on the future.
The Turnbull Government continues to shirk its obligations when it comes to Victorian taxpayers.
It continues to short-change Victorians on infrastructure funding and now is doing the same when it comes to its own asset recycling initiative.
Rather than governing for all, the Prime Minister and federal Treasurer govern with a view to shoring up their short-term future, and trying to export their budgetary problems to the states under the disguise of fiscal repair.
Meanwhile, Matthew Guy fades further into irrelevance — his silence on the Prime Minister’s broken promise deafening, and showing yet again that he won’t stand up for Victorians.
We won’t have a bar of it.
Victorians can be assured they have a State Government that will get on with what needs doing.
Bickering politicians will not build the roads our farmers need, or the trains and freeways that help get people home quickly and safely each night.
We know that to ensure Victoria’s prosperity, words are not enough — they have to be matched by action.
And taking action is exactly what we’re doing — and why the lease of the port is so important.
The proceeds can now go into important infrastructure and transport initiatives that will continue to improve our liveability and access to jobs, education, health and social facilities — right across the state.
That includes rural and regional Victoria, which — again, as we promised, will receive 10 per cent of the proceeds of the port’s lease, more than $970 million, to be invested in regional and rural infrastructure.
That’s in addition to a $200 million Agriculture Infrastructure and Jobs Fund that we established to help drive economic growth in our regions, boosting exports, helping our farmers, businesses and industries stay competitive.
But we’ve made sure that port users are protected too.
The Port of Melbourne is currently the biggest container and cargo port in the country, visited by more than 3000 ships each year.
We’ve structured the lease so that a great port becomes even better, increasing efficiency and competitiveness, and reinforcing Victoria’s position as the freight and logistics capital of Australia.
But we know that protecting our farmers is crucial to our state’s strength, which is why we’ve capped prices at the port for the first 15 years of the lease, and applied an export discount to protect Victorian producers, manufacturers, other exporters and importers, and consumers.
While the amount paid by the winning consortium is attracting all the headlines, it’s important that we don’t lose sight of the bigger picture.
The $9.7 billion amount is a massive vote of confidence in the Victorian economy, and one that all Victorians should be proud of.
We are the job-creating capital, and the fastest-growing economy in the nation.
The lease of the port helps us ensure that we remain a state of momentum.
Whichever way you look at it, this is a great deal for all Victorians.
TIM PALLAS IS VICTORIAN TREASURER
$1.4B STOUSH ERUPTS OVER PORT BONUS
NORTH EAST LINK CONSIDERED AFTER PORT OF MELBOURNE WINDFALL
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