McCormack spruiks Inland Rail regional economic reports


EY’s southern NSW and Victorian reports two of four in Inland Rail Regional Opportunities

McCormack spruiks Inland Rail regional economic reports
Michael McCormack

 

Federal transport minister Michael McCormack has highlighted investment potential from Inland Rail in southern New South Wales and Victoria, following two other EY regional reports, a full one on the infrastructure project and a technical report.

They were two of four rail-related announcements on the day, the others being the Australian Rail Track Corporation’s (ARTC) $40 million Goulburn to Sydney re-rail project completion and the $252 million major re-railing upgrade between Adelaide and Tarcoola nearing completion.

The move comes nearly five months after the published date of the full economic study by consultancy EY (formerly Ernst and Young) that contains regional studies and three weeks after the published date of the individual southern NSW and Victoria items.

EY sees $300-410 million in added gross regional product, rising to $450-610 million after 30 years and $710-850 million after 50 years, all in 2019/2020 dollars, its Inland Rail Regional Intelligence Report for southern NSW shows.

The value of all goods and services produced by all industries there are put at $350-490 million, $560-810 million and $890 million-$1.2 billion respectively.

For Victoria, the figures are $350-$600 million, $630-720 million and $830-940 million, plus $800-890 million, $1-1.1 billion and $1.3-1.4 billion.


Read the latest on the federal government’s National Rail Action Plan, here


"Inland Rail will deliver unprecedented supply chain efficiencies," McCormack says.

"These efficiencies are going to attract additional investment as industry invests and expands alongside the alignment to take advantage of the lower-cost, greater reliability and faster transit time that Inland Rail provides.

"We’re already seeing evidence of this investment – just last year Pacific National opened a $35 million logistics hub outside Parkes.

"Hubs such as these provide sustainable, long-term jobs and opportunities for regions, opportunities which other industries will piggy back on.

"Once complete, Inland Rail will put 80 per cent of Australia’s population within overnight reach of Parkes, giving the manufacturing, processing and logistics businesses which establish and build in southern NSW a distinct competitive advantage."

The full study finds Inland Rail can boost gross regional product in the first 50 years of the rail line's operation by up to $1.7 billion in northern NSW, $3.1 billion in southern Queensland, $3.8 billion in southern NSW and $4.6 billion in Victoria.

The Inland Rail Regional Intelligence Report for Southern NSW can be found here.

The Inland Rail Regional Intelligence Report for Victoria can be found here.

The full report can be found here.

 

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