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Question and Answer Tracking Details

4885 - PORT OF NEWCASTLE LEASE

Hornery, Sonia to the Treasurer, and Minister for Industrial Relations

If the Government receives more than the estimated $700 million for the 99 year lease of the Port of Newcastle, will the Hunter region receive more of the lease proceeds than the $350 million pledged for a light rail system servicing Newcastle's central business district?
Answer -

The proceeds will be invested in the Government's infrastructure fund, Restart NSW, with 30 per cent of funds reserved for projects in regional areas.

The Government will invest $340 million from the transaction in the revitalisation of the Newcastle CBD, including the light rail project. These proceeds are in addition to the $120 million total already allocated from the Hunter Infrastructure and Investment Fund ($60m) and Restart NSW ($60m).

The term of the proposed lease is 98 years.

Question asked on 12 November 2013 (session 55-1) and printed in Questions & Answers Paper No. 190
Answer received on 17 December 2013 and printed in Questions & Answers Paper No. 197

The Parliament of New South Wales acknowledges and respects the traditional lands of all Aboriginal people, and pays respects to all Elders past and present. We acknowledge the Gadigal people as the traditional custodians of the land on which the Parliament of New South Wales stands.