Landbridge stands firm as Albanese, Dutton promise to return Darwin Port to Australian hands

Landbridge says it still has not heard from either Labor or the coalition, as both the major parties promise to return Darwin Port to Australian hands – through compulsory acquisition if necessary.

Darwin Port’s owner says it still has not heard from either Labor or the Coalition, reiterating that the port is “not for sale”.

It comes as both the major parties have promised to return the strategic asset to Australian hands, pledging to compulsorily acquire the port if negotiations fail.

Chinese-owned company Landbridge secured a 99 year lease of the port in 2015, in a $506m deal with the Northern Territory government.

Anthony Albanese and Peter Dutton have both committed to ending that deal and will seek a private Australian buyer or, failing that, will stump up the funds and reinstate the port as a public asset.

Terry O'Connor non-executive director Landbridge.

Non-executive director for Landbridge in Australia, Terry O’Connor, said this week’s announcements by the Prime Minister and Opposition Leader came as a surprise.

“No one has indicated to Landbridge that the current arrangement is not working,” Mr O’Connor said.

“The Landbridge position is that the lease remains a long-term investment.

“Landbridge has not been engaged with either party in relation to their election announcements.”

Mr Dutton was in Darwin on Saturday to detail the Coalition’s plan, putting a six-month time limit on negotiations with Landbridge before Darwin Port would be compulsorily acquired.

Mr Dutton said he would introduce new laws if the government did not already have the powers it needed to force the sale, but did not confirm how much the coalition was willing to spend on the deal.

“If new legislation is required in relation to an acquisition well, we can pass that legislation, but it will be on just terms,” he said.

“There will be a cost attached to it but the cost of inaction, which is Labor’s cost, puts our national security at risk.”

Leader of the Australian Liberal Party Peter Dutton. Picture Thomas Lisson / NewsWire

Mr Albanese said returning the port to Australian hands was “a decision about our economic resilience, consistent with a position that I have put since 2015 … the (Country Liberal Party) should have never flogged it off”.

He said Landbridge had not invested the amount in the Darwin Port “required to bring it up to scratch”.

“We don’t think that it is being utilised enough for Darwin,” Mr Albanese said.

“Darwin has an enormous potential to be a growth area of increasing our exports through the port of Darwin, and that is part of the context that we’re dealing with here.”

Labor did not put a time frame on removing Chinese ownership over the port.

Australian Prime Minister Anthony Albanese. Picture: Jason Edwards / NewsWire

The NT Country Liberal government said it welcomed the coalition's plan, but called for more details from Labor.

“Should Australians elect a Dutton coalition government, we will work with them to ensure Darwin Port is managed in the best interests of Territorians and the nation,” Acting Chief Minister Gerard Maley said.

“Prime Minister Albanese has claimed he’ll directly intervene but has provided no details.

“Territorians need certainty, not vague statements.”

NT Greens said both major parties were “missing the mark”, and that the port should be a public asset.

The party said it would use money saved from scrapping the Middle Arm industrial development to fund the port buy back, and to invest in “massive public investment in clean energy infrastructure”.

“The Port of Darwin is a piece of critical infrastructure and must be used for the benefit of the public,” Greens Solomon candidate Jonathan Parry said.

“Dutton and Labor think they can impress the people of Solomon with cynical point scoring – they can’t.”

Originally published as Landbridge stands firm as Albanese, Dutton promise to return Darwin Port to Australian hands