Port of Melbourne Sale – double the price for half the time as Port Botany, Port Kembla, Enfield and Cooks River

pomIt was heralded  as a good result in 2013 but $5.07 billion for a 99 year lease of Port Botany bundled with Port Kembla, Enfield Intermodal and the Cooks River Terminal looks very cheap beside the $9.7 billion the Victorian Government achieved for Port of Melbourne for a lease of 50 years  The deal was put together by Morgan Stanley who also handled Port Botany. 

For NSW it was half the price, double the time the ports and terminals are out of publicpc ownership, the public recreation area at Molineux Point privatised, abolition of the trade cap without the required EIS, penalties for Newcastle above trade of 30,000 TEU per annum, and commitments for supporting infrastructure such as Westconnex.

The combined return for 99 year leases of Port Botany, Port of Newcastle (including Coal Terminals), Port Kembla, Enfield Intermodal and Cooks River Terminal was $6.82 billion.   A pittance compared with the cost of WestConnex which has partly been made necessary because of the expansions of Port Botany and Sydney Airport as well as the Enfield and Moorebank Intermodals.

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