Queensland wants to sell Infrastructure Assets

Queensland Government

QR sale WILL PROTECT PASSENGER SERVICES AND CAPITAL BUILDING JOBS


Premier Anna Bligh has said the sale of Queensland Rail’s non passenger assets will protect the State’s capital building program and thousands of jobs from the worst effects of the global financial crisis.

Ms Bligh said the sale means passenger service assets will stay in Government hands while the sale of QR coal, freight and other assets will contribute more than $7 billion to state coffers.

"It also means the Queensland taxpayer will not have to contribute an estimated $7 billion in future capital expenditure on QR infrastructure," said the Premier. 

"Of that money around $500 million would have been used to build rail infrastructure outside of Queensland as part of the company’s interstate freight business.

"Now, more than ever, we need these jobs and this money at home as we continue to create jobs with the largest capital building program in Australia.

"We will retain in Government ownership and control all passenger rail assets in our State."

The Premier said that passenger rail services played an increasingly important part in the role of Government. 

"Passenger rail is an essential public service and public services cannot be run solely to make a profit," she said. 

"We will not only retain control of Queensland Rail’s passenger services but we commit to restructuring and improving these services in the years to come.

"The sale of these QR assets is the right thing to do and now is the right time to do it," said Premier. 

"It means Government can concentrate on delivering world class passenger rail services and continue to build the roads, rail, schools and hospitals that Queensland needs.

"The global financial crisis has driven a $14 billion locomotive through State finances and the QR sale will contribute to repairing that damage.

"This will make a massive contribution to restoring our AAA credit rating and keeping the Queensland economy strong."

Treasurer Andrew Fraser said the sale means projects such as the $800 million Darra to Springfield Transport Corridor and the $324 million Robina to Varsity Lakes Rail Extension will be finished.

"These projects alone are creating around 6000 jobs and our record capital building program is creating many thousands more," he said.

Mr Fraser said the sale of QR assets would not include passenger services in any way. 

"We are retaining control of passenger services and we will be able to continue to invest in new services, new trains and new infrastructure because of this sale," he said. 

"In the long term, a privatised Queensland Rail would be a stronger more sustainable business that will continue to grow and create jobs in Queensland.

"Qantas Airways has expanded its workforce by 24% since privatising in 1995 because it became a stronger and bigger business. The same can happen with a new QR.

"This is the right time to sell because these QR assets need investment to grow and the private sector can make that investment to allow QR to reach its great potential."