Port of Newcastle welcomes independent valuer

Independent valuer

Port of Newcastle welcomed the announcement by NSW Treasurer Matt Kean that IPART has been appointed as the independent valuer under the Port of Newcastle Extinguishment of Liability Act 2022.

Craig Carmody, CEO of Newcastle Port, says the appointment marks the final step in the legislative process, which will enable the Port to compete in container trade free from penalty.

“This announcement is momentous for the Port of Newcastle, the Hunter, and the Northern and Western NSW,” he adds. “That is why it has support from all sides of politics.

“At the Port, we have never been shy in speaking about our need to diversify our trade in order to futureproof the Hunter and continue to drive jobs and investment in our region.

“I am incredibly proud to be part of an announcement that helps turn the vision of a diversified Hunter economy into reality.”

The Newcastle Deepwater Container Terminal (NDCT), is a once-in-a-generation opportunity and one of the region’s most important development pathways since BHP, unlocking $2.2 billion in economic activity in NSW alone, and generating more than 15,000 direct and indirect jobs nationally – 12,000 of those being in the Lower Hunter.

Craig thanked Greg Piper MP, Member for Lake Macquarie and Hon Matt Kean MP, Treasurer, for their strength of leadership in supporting the legislation, which passed parliament in November last year.

“Greg Piper has shown great leadership in recognising the need for a container terminal in Newcastle and the benefits it would bring not just to the Hunter, but Regional NSW.

“We also would not be here without the courage of The Member for Northern Tablelands, The Hon. Adam Marshall MP and The Member for Upper Hunter, Dave Layzell MP, along with the efforts from stakeholders across regional NSW, particularly NSW Farmers and their members.”

With this announcement, the NSW government is providing manufacturers and agri-businesses with a cost-effective alternative to export their goods and will drive growth and investment both in Newcastle and in the regions, notes Craig.

He adds it will create new opportunities for exporters and importers, leading to benefits for consumers. “Now that the treasurer has appointed the independent valuer, we look forward to seeing the process through to completion over the next six months.”

Once fully operational, the $2.4 billion NDCT will have a throughput capacity of two million TEUs delivering benefits worth $2.5 billion to the national economy.

For more information on NSW Ports, click here.

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