Transurban only became the world’s wealthiest toll-road Frankenstein because our state governments are strapped for cash.
Yet, the Pac-Man of toll roads still wants more and is currently negotiating with the Australian Competition and Consumer Commission and a foreign consortium to buy a controlling interest in EastLink at a reported enterprise valuation of $7 billion. The ACCC will announce its decision on September 21, but has never previously knocked back a Transurban takeover.
If successive Victorian governments had just stuck to the 34-year CityLink contract, which was meant to expire in 2034, taxpayers would be assuming ownership of what was originally conceived as a $1.2 billion construction job to build the 22 kilometre project.Under that original deal, Transurban was required to pay Victorian taxpayers $2.8 billion in concession fees over the life of the contract.
It will also be in the box seat to buy the tolled component of the $15 billion North East Link project, whichThe Morrison government set a major precedent when it approved the Reserve Bank of AustraliaDue to be repaid to the RBA by June 30, 2024, what could the federal government do when $188 billion lands in their lap 10 months from now? Why not go to the next election promising to recycle even just one third of that into nationalising...
What’s more, the political potency of nationalising would come with the ability to promise and deliver significant reductions in tolls for millions of Australians – many of whom are tradies living in marginal seats – and be enormously popular.
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