Friday, 5 April 2024
NORTHERN Tablelands MP Adam Marshall has today welcomed a decision by the Independent Pricing and Regulatory Tribunal (IPART), which will allow the Port of Newcastle to be unshackled with a $13 million one-off payment to the State.
Mr Marshall said it was terrific news for the region and would mean the new container terminal at the Port of Newcastle could proceed, allowing for hundreds of millions of dollars of extra investment and export opportunities.
“This is brilliant news for our region and one of the final hurdles the Port had to jump over to get the green light to build a container terminal,” Mr Marshall said.
“Our grain growers have a gateway to world markets on their doorstep, and with IPART’s determination today, it will mean the Port of Newcastle is well and truly opened for business.
“Establishing a new container terminal at the Port of Newcastle has the potential of cutting the cost of grain rail freight by $16 to $22 per tonne, putting huge dollars back into the pockets of growers and the local economy.”
Mr Marshall said the push by industry to unlock the Port was spearheaded by Independent Lake Macquarie MP Greg Piper, with his bill, The Port of Newcastle (Extinguishment of Liability) Bill 2022.
“This bill was crucial to finally break the impediments placed on the Newcastle Port and was considered in IPART’s determination,” he said.
“When the Port of Newcastle was privatised in 2014, a Port Commitments Deed required the operators to reimburse the State Government for any compensation paid to the operators of Kembla and Botany.
“These provisions made establishing a container terminal and increasing capacity at the Port of Newcastle unviable – until now.”
Mr Marshall said the Port of Newcastle was a shining regional jewel and a natural gateway to many parts of New South Wales.
“Our state has now opened up to more investment and export opportunities, backing in our hundreds of millions of dollars of investment into the regions.”
For more information on IPART’s determination, visit: Media Release – Port of Newcastle Compensation Determination – 5 April 2024 | IPART (nsw.gov.au)