Construction of a new Port of Brisbane motorway will be a key component of the sale of Queensland Motorways Limited.
This will build on QML’s current business, which includes overseeing Brisbane road infrastructure surrounding the Gateway Motorway and Bridge (tolled), Logan Motorway (tolled) and Port of Brisbane Motorway, with the sale of a lease expected to return $4billion for taxpayers.
Queensland Premier Anna Bligh said the State Government made no apologies for doing whatever is necessary to ensure jobs and key infrastructure were delivered during these extremely tough economic times.
"The Global Financial Crisis has driven a $14billion hole through the state’s budget," Ms Bligh said.
"Our trading partners are falling deeper into recession and state revenue streams have receded significantly.
"However this does not stop our population from growing nor the need for this government to deliver on one of the largest road and transport infrastructure programs in Australia.
"To build a stronger future for Queensland we have to make hard decisions."
QML currently carries $3 billion in debt, largely driven by the Gateway Bridge duplication, and generated $161.2 million in toll revenue last financial year.
Treasurer Andrew Fraser said money saved and raised by entering into a private agreement for QML would be spent on ensuring the delivery of important projects.
Mr Fraser said the tender process would be highly competitive with tough provisions to protect the interests of south-east road users.
"All roads and bridges will remain state owned with any leasing agreement to include provisions to ensure toll prices will be fair and equitable.
"Current Queensland Motorways projects, including the Gateway Motorway duplication and the introduction of free-flow tolling, will also be guaranteed under a commercial arrangement.
"Governments establish corporations and companies to assist the delivery of important projects – Queensland Motorways is no different.
"Queensland Motorways has delivered on its charter and there is no longer a need for continued government funding."
Queensland Motorways Limited is responsible for the Gateway Motorway and Bridge (tolled), the section of the Gateway Motorway between Mt Gravatt-Capalaba Road and Nudgee Road, the Logan Motorway (tolled) and the 4km section of the Port of Brisbane Motorway.
A taskforce led by the Treasurer will now be formed and will determine the timing, sequence and manner of the sale.
Media: Premier’s Office 3224 4500
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