Page 562 - Week 02 - Wednesday, 17 February 2016
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the PPP framework—cheaper and faster than that anticipated in the government’s business case.
We will release the detail of the availability payment. We said we would, and we will. Our policy framework states when that will occur: at the conclusion of the contractual negotiations, and well before the next election. The people of Canberra can have no doubt about the financial implications of this contract ahead of the next election.
The current partnership is supported by key stakeholders like Australia’s peak infrastructure body, Infrastructure Partnerships Australia. We share the views of the IPA’s chief executive in his most recent statement. He stated:
… Canberra Light Rail will fundamentally change the face of public transport in the ACT … commuters and taxpayers will see real benefits from the international experience of the winning consortium, in terms of innovation, quality and costs.
So this is a very important outcome for the people of Canberra.
Let me be very clear. We need to make sure that we finalise the contractual negotiations comprehensively and thoroughly. We need to ensure that planning approvals have been secured, because that locks in cheaper prices. We need to make sure the key land acquisition steps have been finalised. We need to ensure the outstanding technical design issues have been clarified; any remaining key project and financing documents have been finalised and approved; all the necessary funding and financing arrangements with the banks and equity providers are secured; and proper registration of the security for the loans has been confirmed.
Those are the practical and detailed steps that we are now at. None of this can be achieved overnight. In fact, the effort needed to finalise these key actions should not be underestimated. The government is fully committed to ensuring that a rigorous and robust process is followed to ensure that light rail is delivered at the right price and in the right time frame.
But let us be very clear about the level of transparency that the government has already brought to this project. We are one of the few state or territory governments in the country that has ever released a business case for a large-scale PPP project like this. It did not happen in Victoria. It does not happen in New South Wales. The most you get is a project summary document. That is the most you get. We released the full business case that was presented to the cabinet, and we did it in advance of the procurement. When Mr Coe stands up in this place and says, “This government is not interested in transparency,” he conveniently overlooks that central fact: that this business case was released—released in full—as it was presented to the cabinet.
We have heard the assertion that the government is not being transparent about how other elements of the capital metro project will be paid for. On the contrary, Madam Assistant Speaker; we have been very clear. We have been clear about making a capital contribution to the project, which is being financed from both the contribution
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