Port of Newcastle has welcomed the Independent Pricing and Regulatory Tribunal’s (IPART) determination for the one-off compensation payment of $10-$13 million it must make to New South Wales (NSW).
The payment has been made under the Port of Newcastle Extinguishment of Liability Act 2022 (NSW).
While the details of the determination are yet to be fully examined, once complete, this payment of the compensation sum will bring an end to the legislative process, meaning Port of Newcastle will no longer be penalised for competing against Port Botany.
Port of Newcastle CEO, Craig Carmody, says with the determination figure handed down, the Port has one final regulatory roadblock to remove before meaningful progression can occur on a container terminal.
“Today is a significant and historic milestone for Port of Newcastle and regional NSW, a path forward that means we will no longer be penalised for wanting to offer choice and competition in NSW container trade,” he adds.
The Port of Newcastle extends its appreciation to all sides of parliament for their pragmatic approach to the legislative process.
“Support across the political divide for this Act has been wonderful to see, but I must extend particular thanks to the Member for Lake Macquarie, Greg Piper MP, who courageously fought for regional NSW and ensured all political parties aligned for the benefit of the state,” says Craig.
With the legislative process nearing completion, attention for the Port turns to the NSW Freight Reform Review, which is a determinant of state planning decisions.
To learn more about the Multipurpose Terminal visit MPT or the larger Newcastle Deepwater Container Terminal visit NDCT.
For more information on the Port of Newcastle, click here.
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