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Category: States and Territories / Government and Politics / Community and Society / Business, Economics and Finance

Port of Melbourne buyer to be revealed in coming weeks

Tuesday, 13 Sep 2016 08:38:19 | Stephanie Anderson

The sale of the port was approved after months of political wrangling. (Lucas Dawson)

The purchaser of the Port of Melbourne is expected to be announced by the Victorian Government within a fortnight, Treasurer Tim Pallas says.

The Government is planning to reap about $6 billion from the sale of the 50-year lease of the port to fund its commitment to remove the 50 worst train level crossings in Melbourne.

Ten per cent of the total proceeds will be spent on infrastructure in rural and regional areas.

Mr Pallas said the result of the sale should be announced within the month.

"We're quite close now. We'd expect something hopefully by the end of the month," he said.

"I don't want to get into a position where we argue about time so could I put it this way, I would expect that within the next fortnight we'll be in a position to give you some advice."

Mr Pallas said there were strict probity arrangements around the sale, but he was confident the sale would go through for the $6 billion price tag.

"I remain confident that we'll get the price that we've indicated to the people of Victoria we're likely to get," Mr Pallas said.

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