Cross River Rail One Step Closer To Reality

Cross River Rail One Step Closer To Reality

Queensland Premier Annastacia Palaszczuk

Queensland Minister for Infrastructure Jackie Trad

Queensland Treasurer Curtis Pitt

Queensland Minister for Transport Stirling Hinchliffe

Palaszczuk Government Commits $800 Million To Kick-Start Cross River Rail

Victor P Taffa

Cross River Rail is charging full steam ahead with the Palaszczuk Government today providing an in-principle commitment of $800 Million towards building Queensland’s number one infrastructure project.

The move comes as Building Queensland, the state’s independent infrastructure adviser, declared Cross River Rail ready for state investment in its Infrastructure Priority Pipeline Report.

Premier Annastacia Palaszczuk said this was the biggest funding commitment to Cross River Rail by any government in its history, and part of the Government’s $40 Billion four-year infrastructure program announced in the 2016-17 State Budget.

“This builds on our recent commitment of $50 Million in the 2016-17 State Budget to establish the Cross River Rail Delivery Authority and commence early work, and $634 Million funding to deliver the critical European Train Control System which will pave the way for the project.” Premier Palaszczuk said.

“With the business case now endorsed by my Cabinet, it will be provided to the Federal Government and Infrastructure Australia to ensure we urgently secure Federal funding.”

“The Federal Labor Opposition has clearly demonstrated their commitment to this project. It’s time (Prime Minister Turnbull) Malcolm showed he is serious about backing this nation-building infrastructure project that his own infrastructure advisory body has identified as a high priority initiative for the country.” Premier Palaszczuk said.

QLD Minister for Infrastructure Jackie Trad

QLD Minister for Infrastructure Jackie Trad

 

 

 

 

 

 

 

 

Deputy Premier and Minister for Infrastructure Jackie Trad said ensuring such a significant project continued to move forward would require support from all three levels of government and partnerships with the private sector.

“We expect the $5.4 Billion Cross River Rail project will transform from a single piece of transport infrastructure into one of Australia’s largest innovation and economic development initiatives driving new development and population growth, better access to jobs and schools, and higher property values.” Deputy Premier Trad said.

“The economic case is clear that for every dollar we invest in Cross River Rail, our economy will see a return of $1.21. Supporting this project should be a no-brainer decision for the Federal Government, Brisbane City Council, and private partners.”

“If we look to projects like London’s £15 billion CrossRail project, we can see that partnerships between the public and private sector can work, with innovative funding solutions like availability payments, development rights and value sharing on the table.”

“One of the key tasks of our new Delivery Authority will be to explore innovative funding models for Cross River Rail so that this project can finally be delivered.” Deputy Premier Trad said.

Treasurer Curtis Pitt said this in-principle commitment of $800 Million fits with the priorities of the 2016-17 Budget: Growing innovation, attracting investment and building infrastructure.

“The Palaszczuk Government’s contribution to this project will come from the State Infrastructure Fund which received an allocation of $2 Billion in the Budget I handed down on 14 June.” Treasurer Pitt said.

QLD Treasurer Curtis Pitt

QLD Treasurer Curtis Pitt

 

 

 

 

 

 

 

“Delivery of Cross River Rail will require support from all levels of government, as well as third-party finance and close examinations of value-sharing options.”

“Our commitment is contingent on funding contributions from the Commonwealth Government and clearly this is exactly the type of project Queenslanders expect them to back.”

“(Prime Minister) Malcolm Turnbull will shortly have the business case, which is also being sent to Infrastructure Australia, so he has everything he needs to back this project.” Treasurer Pitt said.

Transport Minister Stirling Hinchliffe said Building Queensland’s Business Case highlighted the economic benefit to the nation of building Cross River Rail.

“Cross River Rail is not just a project for commuters north and south of Brisbane, it will benefit every commuter in the south east corner from Gympie North to the Gold Coast.” Mr. Hinchliffe said.

“Building Queensland predicts Cross River Rail will also boost public transport use across the region by 29,000 trips per day in 2036, which will ease congestion taking 18,500 cars off the road a day.”

“In ten years’ time if we don’t build Cross River Rail passengers in South East Queensland will have to wait a combined total of 11,000 hours per day for a train which will cost the economy more than $240 Million per year due to road congestion alone.” Mr. Hinchliffe said.

“Cross River Rail will support more than 1,540 jobs each year during construction and, with an anticipated construction timeframe of five years, the project could generate more than 7,700 jobs for Queenslanders.”

“When Cross River Rail is operational it will continue to generate and support approximately 570 jobs each year.” Mr. Hinchliffe said.

QLD Minister for Transport Stirling Hiinchliffe

QLD Minister for Transport Stirling Hiinchliffe

 

 

 

 

 

 

Cross River Rail Snapshot:

  • Support an additional 65,000 jobs within new CRR station precincts
  • Support an additional 12,000 residents and more than 40,000 jobs in the high-growth southern CBD, through the Albert Street station
  • Increase the proportion of the population in metropolitan Brisbane livingwithin 30 minutes of employment from 15.2 % in 2015 to 20 % in 2026.
  • Increase peak period rail capacity into the CBD from 86 to ultimately 134 trains per hour, a 56 % improvement
  • Reduces the number of people travelling to the CBD by car by 18,500 per day in 2036.
  • Reduces total wait time for train passengers by 11,000 hours per day in 2036
  • Increases the mode share of public transport in the region from 6.8 % currently to 10.4 % in 2036.
  • Avoids costs to the economy of $240 Million annually in 2036 from road congestion.