Regional communities across Victoria, New South Wales and Queensland will benefit from a boost of up to $13.3 billion in Gross Regional Product over the next 50 years as a result of the Inland Rail, according to a new report released by the Federal Government.
Infrastructure Minister Michael McCormack said the in-depth study by EY demonstrates the potential for complementary industry investment alongside the rail line to generate billions in added value for regional communities.
“This new EY report identifies the benefit to Gross Regional Product along the alignment could be up to $13.3 billion over the next 50 years. That is massive for regional Australia and builds on the 16,000 jobs and $16 billion economic boost generated during construction and operation,” he said.
Mr McCormack said the report assess additional benefit to communities from the opportunities that arise for local businesses and individuals from the completion of the project.
“For example, it might be a cereal manufacturer whose freight costs drop by 30 per cent allowing the employment of additional staff, or it might be the expansion of regional processing that takes advantage of Inland Rail’s lower coat and greater capacity and connectivity,” he said.
“These investments could support an additional 14,000-16,000 job years in its first decade of operation — that’s 1600 people working full time for 10 years thanks to Inland Rail. With Inland Rail, our regional communities are primed to take advantage of the manufacturing, packing facilities, meat processing plants, regional airports and distribution centres that will establish and expand around the rail line.”
Finance Minister Mathias Cormann said the report was further demonstration of the significant economic contribution Inland Rail would make across regional Australia.
“This work again shows how Inland Rail is helping drive increased investment, growth and more jobs across regional Australia now and well into the future,” he said.
“Inland Rail is not only a major freight line which massively expands our trading infrastructure. It will also continue to generate significant investment opportunities across the many regional communities it touches.”
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