Port of Melbourne Sale Hits a Snag

The plans of the Victoria’s government to sell port of Melbourne are facing opposition from the Liberal-National coalition.

Namely, the Coalition said it would not support the sale in the upper house and would recommend the proposal to be referred to a parliamentary inquiry, the Guardian writes.

The Andrews Labor Government in Victoria is pushing forward with the lease of the Port of Melbourne for up to 50 years and has set sights on up to $6 billion in lease proceeds, which would be used to finance the removal of 50 worst level crossings and the building of Melbourne Metro.

The bidding race is expected to include Hastings Funds Management, IFM Investors, QIC Ltd and partners.

However, according to Treasurer Tim Pallas, the sale could go forward even without legislation if the Coalition refused to support it, by using powers granted under the State Owned Enterprises Act.

“Our preference is to get this done in a cooperative way with the Parliament.

“But make no mistake, we’re not going to waver on this, we will deliver what we promised the people of Victoria by hook or by crook,” Pallas is quoted as saying by ABC.

Pallas added that certain amendments to the legislation could be adopted, stressing that the sale would not be compromised.

The government introduced legislation to enable the lease of Australia’s largest container port, the Delivering Victorian Infrastructure (Port of Melbourne Lease Transaction) Bill 2015, to the Victorian Parliament at the end of May.

The Greens are also against the sale and should the proposal be sent to the inquiry its adoption could be stalled for months.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>


<< Feb 2020 >>
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >


Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >