The updated Melbourne Metro business case has been released today with Premier Daniel Andrews writing to Prime Minister Malcolm Turnbull seeking federal funding for the nation’s biggest public transport project.
The business case has also been submitted to Infrastructure Australia, which has previously provided a positive assessment of the project and categorised it as a high priority.
The updated business case finds the $10.9 billion Melbourne Metro delivers a benefit of $1.10 for every dollar invested (or $1.50 when including wider economic benefits), will allow the train network to carry 39,000 extra passengers in the peak and will create 4700 jobs during peak construction.
A detailed economic assessment underpinning the updated business case finds that the project is vital for Victoria’s prosperity and liveability and will enable the future growth of our public transport network.
The Andrews Labor Government has already committed $4.5 billion to Melbourne Metro, and has today sought a matching $4.5 billion commitment from the Turnbull Government.
In addition to federal funding, the Government is exploring innovative value capture opportunities with the private sector.
Under the Turnbull Government, Victoria currently receives just nine per cent of Commonwealth infrastructure funding, despite having 25 per cent of the county’s population.
As the Victorian Government has now submitted business cases for Melbourne Metro Rail, the Murray Basin Rail Project and the Western Distributor, it is completely unacceptable for this shortfall to continue.
The Melbourne Metro Business Case is available at www.mmrailproject.vic.gov.au.
Quotes attributable to Premier Daniel Andrews
“The business case for Melbourne Metro stacks up and we’re getting on with building the transport projects that Victoria needs.”
“Victorian tax dollars should be paying for Victorian projects. There are no more excuses – it’s time for the Prime Minister to show his commitment to public transport, and to Victoria.”
“Melbourne Metro will create thousands of jobs and create an international-style metro system to rival London, Hong Kong and New York.”
Quotes attributable to Minister for Public Transport Jacinta Allan
“Melbourne Metro is desperately needed – without it, our transport system, our city, and our state will grind to a halt.”
“The updated business case has been delivered as promised, now the only thing Victorians are waiting for is Malcolm Turnbull.”