I rise to update the house on new information regarding the resolution of the Port of Melbourne Corporation and DP World Australia relating to the new lease arrangements that have been struck at West Swanson Dock terminal. Both parties to the agreement have described this as a win-win, something that is mutually beneficial in terms of the interests of the state. The new lease will grant a 50-year tenure to DP World Australia to 2065 under a lease with key performance indicators. It is a modern lease with efficiency initiatives and it also sets the pricing structure for the next 50 years.

The government welcomes the agreement and the confidence that this shows in the long-term viability of the port. It also means that in addition to the modern lease rental increases will now effectively be regulated by the terms of the agreement over the life of the port lease. This provides certainty; it also provides confidence to producers and exporters all over the state and gives Victoria enhanced competitiveness. Of course we have seen positive comments from the Victorian Employers Chamber of Commerce and Industry, the Victorian Transport Association and of course Peter Tuohey from the Victorian Farmers Federation, who stated that the Labor government had listened and delivered.

There is a growing consensus amongst key industry players that the port lease will be a positive landmark opportunity for Victoria. A press release dated August 2014 made the ludicrous assertion that the then opposition was the only threat to getting best value for money for the port of Melbourne. The member for Malvern waxed lyrically about the risk of the opposition compromising the value of money for port interests.