Sold! The transaction for the sale of the Port of Newcastle to a private consortium has been finalised, freeing up $1.5-billion for infrastructure in New South Wales.
New South Wales Treasurer Andrew Constance made the announcement this morning on the 98-year lease to Hastings Funds Management and China Merchants.
“With the conclusion of this transaction, we can now guarantee an extra $1.5 billion for investment in much-needed infrastructure in NSW, with 30 per cent to be invested in rural and regional projects,” Mr Constance said.
Despite a chorus of calls for a greater share, less than a third of the sale proceeds will flow back to Newcastle and the Hunter Valley. Newcastle will get $340-million for the city’s revitalisation. An additional $120-million has been set aside for the project.
“The people of Newcastle and the Hunter should watch this space for further initiatives in their region, which was taken for granted by Labor for decades,” Mr Constance said.
The port’s new owners are yet to outline their plans to the people of Newcastle.
