Cross River Rail proposal
07 April 2016
The Turnbull Government stands ready to work with the Queensland Government to progress the Brisbane Cross River Rail proposal, following today's announcement by the Queensland Government of the establishment of the Cross River Rail Authority.
The project offers significant scope to explore innovative financing solutions, particularly to harness the land value generated as a result of this major public investment.
The Queensland Government have undertaken to provide a business case to Infrastructure Australia for assessment later this year.
As the project will likely require over $100 million of Commonwealth funding, under the Infrastructure Australia guidelines, the Australian Government must wait for the outcome of this assessment prior to committing capital funding.
During this planning phase, the Commonwealth will work with the Queensland Government on project design to maximise the value created to contribute to the construction costs.
Labor leader Bill Shorten's commitment today of funding for Cross River Rail is essentially meaningless.
He says money will come from Labor's 'Concrete Bank' but this $10 billion fund has already been cited by Labor as the funding source for over $30 billion worth of projects. Of the $10 billion, most is borrowed money and the rest comes from a fund that is already fully allocated to other worthwhile projects.
The Turnbull Government has a $50 billion infrastructure investment programme and next year the Commonwealth will invest more in transport infrastructure than ever before in Australia's history.