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In the lead-up to the 2014 state election, then-opposition leader Daniel Andrews promised the Metro Tunnel would be built with one-third of funding provided by the state, one-third from the private sector and one-third from the Commonwealth.
One federal government cabinet minister told
The Age the Andrews government had pushed the Commonwealth for cash for the Metro Tunnel in the lead-up to Tuesday’s budget.
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The rail tunnel, which will connect South Kensington to South Yarra through five underground stations, was initially costed at $11 billion, but has blown out by $2.7 billion.
In October the state government reached a deal with the consortium building the Metro Tunnel project, Cross Yarra Partnership, which agreed to pay an extra $1.37 billion on the project. The remaining $1.37 billion will be picked up by Victorian taxpayers and is expected to be included in the state budget when it’s handed down later this month.
MacroBusiness
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By Jesse Hermans, cross-posted from Prosper Australia
Until recently, no government had a “cogent plan” to deal with impending combustion of Commonwealth fuel excise revenue. But now Victorian Treasurer Tim Pallas has risen to the challenge both to future proof Victoria’s road charging regime, and make Zero and Low Emissions Vehicles (ZLEVs) a more affordable choice for drivers.
Public roads require significant amounts of land and maintenance. Supplying road space to meet demand is increasingly inefficient in our urban areas, and comes at a high cost relative to alternatives such as public transport. Distanced based, and dynamic demand based (congestion) road-user charging have long been advocated for by economists, transport planners, and infrastructure bodies.
Amazon breaks ground at new Melbourne precinct
Amazon breaks ground at new Melbourne precinct
Construction begins at new $1.5 billion commercial precinct
L to R: Charter Hall s Carmel Hourigan; Victorian Treasurer Tim Pallas, Lord Mayor of Melbourne Sally Capp and AWS A/NZ managing director Adam Beavis. Credit: AWS
Construction has begun on a new $1.5 billion commercial development in the Melbourne CBD at which Amazon will be the anchor tenant.
Owned by the Charter Hall Prime Office Fund (CPOF), stage one of 555 Collins Street will comprise a $750 million, 48,000 square metre premium grade office tower on the corner of Collins Street and King Street.
Industry Calls to Cut Victoria s Electric Vehicle Tax theepochtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theepochtimes.com Daily Mail and Mail on Sunday newspapers.