MR PALLAS (Treasurer) -I rise to update the house about a new government initiative: releasing the business case for the Melbourne Metro rail project. The business case for Melbourne Metro shows that it will create 3900 jobs. It will increase Victoria’s gross state product by $7 billion on the most conservative of estimates. It will generate massive wider economic benefits in increased productivity, land values and of course employment. This is a project that will transform Victoria, making it easier and quicker to move around the city.

The business case also establishes a clear and a vital role for the private sector. The market interest here and abroad is absolutely huge. It is a massive vote of confidence in the Melbourne Metro project and infrastructure investment in this state. Investors recognise that this is a world-class infrastructure project, and they are eager to progress their involvement in it. Six out of 10 top construction companies in the world, 4 out of 5 of Australia’s top non-residential construction companies have registered their interest; 44 organisations from 11 different countries have formally registered their interest in the largest package of works on this mega project.

These companies are currently involved in some of the world’s largest public transport projects, whether it be Crossrail in London or alternatively the Riyadh Metro in Saudi Arabia. But this will also deliver better value for taxpayers, balancing the risk between the state and the private sector. Melbourne Metro will deliver significant benefits to road users by decongesting roads and freeways into the city. Victoria is once again becoming renowned for its vision and its passion for delivering quality infrastructure.