Regional Victoria gets just 10% of billions from Port of Melbourne sale

REGIONAL Victorians are getting just 10 per cent of the billions the Andrews Government gained from selling a 50-year lease on the Port of Melbourne, Australia’s biggest food and fibre export facility.

Figures don’t stack up: The sale of a major Port of Melbourne lease has done little for regional Victoria. Picture: Greg Scullin

REGIONAL Victorians are getting just 10 per cent of the billions the Andrews Government gained from selling a 50-year lease on the Port of Melbourne, Australia’s biggest food and fibre export facility.

Legislation negotiated between Labor and the Coalition in 2016 allowed the private sector sale to go ahead on the basis the $8.934 billion from the port lease be placed in a Victorian Transport Fund and “at least 10 per cent” went towards regional infrastructure.

Department of Treasury and Finance figures released last month show the Victorian Government has stuck to the letter of the law, not spending any more than 10 per cent of the fund on regional Victoria.

The 2017-18 DTF annual report showed the Government had withdrawn $3.2 billion from the fund by June 30, with $2.98 billion going to metropolitan projects, including:

$1.938 BILLION for level crossing removals in Melbourne.

$377 MILLION for the Caulfield to Dandenong rail line signalling and power upgrades

$673 MILLION for the Metro Tunnel.

$119 MILLION moved into accounts payable and provisions.

In contrast $325 million was spent on regional Victorian transport infrastructure, including:

$108 MILLION for new regional VLocity trains.

$118 MILLION on the Regional Rail Revival.

$99 MILLION for periodic maintenance on the regional rail network.

Nationals leader Peter Walsh said the fund was meant to be used for new infrastructure, which was clearly not the case given $99 million was spent on periodic regional rail maintenance.

A spokesman for Treasurer Tim Pallas was asked why only the minimum 10 per cent of the VTF had been spent on regional Victoria and why funding was going to maintenance.

Transport infrastructure Minister Jacinta Allan referred the question on to Treasurer Tim Pallas’ office, which failed to answer the question, stating: “We’re delivering a record investment in road and rail projects to get regional Victorians where they need to go.

“Upgrades for every regional rail line, hundreds of new train services, new regional carriages — these are just some of the ways we’re making regional public transport better.

The DTF report, which was only released last month, was among about 100 other departmental and agency reports that were originally due out before the November 24 state election.