Transcript: Doorstop, Sydney

PAUL FLETCHER: Well I just wanted to make some comments about a number of infrastructure issues. I’m here today to speak to the Australian British Chamber of Commerce about Labor’s $10 billion ‘concrete bank’ proposal. I’m going to point out that so far they have identified some $35 billion worth of projects that are supposedly going to be funded by this $10 billion.

I’m going to make the point that the money that this comes from has in fact already been allocated to a whole range of other projects, so unless Labor is going to cancel those projects the money’s not there, the rest of the money is borrowed. But the biggest problem with Labor’s Concrete Bank is that they say this can be an investment to provide a return for superannuation funds and other investors, and yet the list of projects that they have said are going to be supported by the concrete bank do not produce a financial return. So these are not projects that any superannuation fund is going to want to invest in. So the $10 billion concrete bank really doesn’t stack up, and Labor needs to explain how it’s going to work because the explanations they have given so far really make no sense. Now this morning we’ve seen Labor announce $175 million for the Port Botany rail line. The Port Botany rail line is a good project but Labor’s numbers do not stack up. To start with, the NSW State Government says the cost of the Port Botany rail line project is $300 million, and that includes the money needed to realign the track to be a part of the Sydney Gateway project. The Sydney Gateway project is the new roads connection from the WestConnex freeway to Sydney Airport and to the Sydney Port, and it’s very important that the Port Botany rail line be integrated with WestConnex and the Sydney Gateway project. And indeed just last year the NSW Government put out the business case for WestConnex including Sydney Gateway and the Port Botany rail line. Now it seems that Mr Albanese hasn’t yet actually looked at that, because otherwise he wouldn’t have promised $175 million for a project which costs $300 million. In fact it will cost more, because Labor says their money will also provide for a passing loop at Warrick Farm, and that will cost another $100 million. So what we have is a $400 million project, or set of projects, that Labor has offered $175 million for. It’s like somebody saying I’ll buy you dinner, but only coming up with enough money for the entrée and the garlic bread. Labor has really made a meal on the costings of this Port Botany rail line. 

JOURNALIST: What’s the Federal Government coming up with though, you say Labor’s figures are wrong and that they’re only coming up with $175 million for a project that was rated a high priority by Infrastructure Australia. It’s got the backing of the Premier Mike Baird, what’s the Federal Government going to commit?

PAUL FLETCHER: It’s very important to see the Port Botany rail line as an integrated project together with WestConnex and the Sydney Gateway, and indeed, the NSW Government put out a business case last year highlighting the integrated nature of Sydney Gateway, the expressway connections from WestConnex to Sydney Airport and to the Port, and last year the NSW Government put out a business case highlighting the connection between the Sydney Gateway project and the road connection from the Airport to the Port and the Port Botany rail line. And of course, the Federal Government, the Turnbull Government, has already committed $1.5 billion in funding towards WestConnex, and an additional $2 billion in concessional loans, so we are strongly supporting the WestConnex project. Can I also make some comments about Infrastructure Victoria, which this morning has released a report – a report prepared by Infrastructure Victoria has entered into the public domain this morning. That report has Infrastructure Victoria, the independent body advising the Victorian Government, finding that the East-West Link project, a connection between the Eastern Freeway and CityLink, is a project that should be considered. Now this is the independent body, recommending and advising the Victorian government, and what it has just called out is effectively that Daniel Andrews and Bill Shorten, that Labor have made a very bad mistake in tearing up the contracts on East West Link, in wasting $1.1 billion of taxpayers money by cancelling East West Link when Infrastructure Victoria, the Victorian Government’s own specialised advisory agency, in this report is saying that East-West Link, the connection between the Eastern Freeway and CityLink, is an option which should be considered. The Turnbull Government is very clear. We have said we will provide $3 billion of funding towards East-West Link for any Victorian Government that wants to proceed with that project.

JOURNALIST: So that money is still on the table if the Victorian Government does change its mind with that report?

PAUL FLETCHER: The Turnbull Government has made a very clear commitment repeated only a few weeks ago. We will provide $3 billion of funding for any Victorian Government that wants to proceed with East West Link. It’s a vitally needed project, it was recommended by Rod Eddington, it’s been recommended by Infrastructure Australia and now we learn it’s been recommended by the Victorian Government’s own specialist agency, Infrastructure Victoria.

JOURNALIST: Is funding for this project still funded into the forward estimates though? I mean this project was scrapped, I mean is it counted in your budget?

PAUL FLETCHER: The Budget papers make it clear that there is $3 billion available for any Victorian Government that wants to proceed with East West Link.

JOURNALIST: Back onto the issue of Port Botany, you say the Federal Government has funded, put a large amount of money towards WestConnex, but, you know, you’re kind of contradicting yourself aren’t you, because you’re also saying that this project was more expensive than what was initially estimated in terms of the freight, and also that Labor’s not budgeting enough. So don’t you need to contribute more in order for it to actually become a reality?

PAUL FLETCHER: The Port Botany rail link is a good project. What Labor has announced today is not sufficient to deliver the Port Botany rail project. Labor’s got their numbers wrong on the Port Botany rail project, and what they’ve announced today is not sufficient to fund the Port Botany rail project. They don’t seem to have understood that the Port Botany rail duplication needs to be a part of the overall context of WestConnex, including the Sydney Gateway road connection from WestConnex to the St Peter’s Interchange and to Sydney Airport and to Sydney Port.
I just want to make a quick comment about Katie Gompertz, who is the Labor candidate for Bradfield. Ms Gompertz is opposed to Labor’s stated policy on border protection - that is clear from her extensive Facebook posts, she is yet another Labor candidate who is opposed to Labor’s stated position on border protection. It is very clear that Labor is internally divided on border protection, Labor is internally divided on their approach to penalty rates, whether they will or will not respect the decision of the independent umpire, and Labor is out of touch with the concerns and aspirations of Australian families. Thanks very much.