29 October 2012
Long term lease of Port Botany and Port Kembla
The NSW Government has introduced legislation to enable the private sector to enter into a 99-year lease for State-owned assets Port Botany and Port Kembla.
The lease will ensure private sector investment in the ongoing development of the ports while allowing the Government to focus on delivering critical services and infrastructure including roads, school and hospital projects across NSW.
Treasurer Mike Baird said proceeds from the transaction will be invested in the NSW Government's infrastructure fund, Restart NSW, with 30 per cent of funds reserved for projects in regional areas. The Government has committed proceeds to support the delivery of major road projects such as WestConnex and the upgrades of the Princes Highway and the Pacific Highway, as well as $100 million for spending on infrastructure projects in the Illawarra region.
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