Funds from the recent leasing of the Port of Melbourne, with see more than $970 million invested in Victorian regional and rural infrastructure projects, the Victorian Government announced this week.
The Lonsdale Consortium, comprising of the Future Fund, QIC, GIP and OMERS signed a lease of the port’s commercial operations for a term of 50 years.
The lease, worth in excess of $9.7 billion, reflects the port’s value as the biggest container and cargo port in Australia and about 10 percent of lease proceeds will be invested in regional and rural Victoria.
One specific project that will be supported is the next stage of the Macalister Irrigation Project in Gippsland.
Victorian Government acting minister for regional development Luke Donnellan says he is pleased to see that some of the funding is going to benefit infrastructure projects in regional areas.
“Through this lease we are supporting our state’s vibrant regional communities, and putting agriculture back at the heart of Victoria’s economic development,” Donnellan says.
“With the successful lease of the Port of Melbourne, regional and rural Victoria will go from strength to strength.”
Victorian Treasurer Tim Pallas echoed these sentiments and emphasised the need to support farmers and regional Victorian residents.
“Regional Victoria will be big winners from the lease, with significant funding to support projects they need, like better roads, irrigation and energy projects,” Pallas says.
“Leasing the port reinforces Victoria’s position as the freight and logistics capital of Australia.”
Proceeds of the post lease are available for infrastructure projects and programs that will benefit the agriculture sector, including transport, irrigation, and energy projects, as well as skill development programs and market-access campaigns.
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