Australia Awards Port of Melbournes 50-Year Lease

Premier of Victoria The commercial operation of Australias Port of Melbourne have been leased for more than AUD 9.7 billion (USD 7.3 billion) to the the Lonsdale Consortium for a term of 50 years. The Consortium comprises of the Queensland Investment Corporation, the Future Fund, Global Infrastructure Partners and Ontario Municipal Employees Retirement System. Ten per cent of lease proceeds will be invested in regional and rural infrastructure projects, totalling more than USD 970 million. Lonsdale has committed to significant investment that continues to improve the port, according to the Premier of Victoria Daniel Andrews. The State will retain responsibility for the Harbour Master, Station Pier, relevant safety and environmental regulation, waterside emergency management and marine pollution response. Commercial and recreational vessels’ access will not be affected by the lease, with the port being returned to public hands at the end of the lease. Leasing the port reinforces Victoria’s position as the freight and logistics capital of Australia and will make a great port even better, Treasurer Tim Pallas said.