Inland Rail’s $13.3 billion boost for regional communities
REGIONAL communities across Queensland, Victoria, and New South Wales will benefit from the boost of up to $13.3 billion in Gross Regional Product over the next 50 years off the back of Inland Rail's construction, according to a new report released by the Australian Government.
The in-depth study by EY (formerly Ernst and Young) demonstrates the potential for complementary industry investment alongside the rail line to generate billions in added value for regional communities over the first 50 years of operation.
A large portion of the $10 billion project will be spent in Queensland during construction.
Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Michael McCormack welcomed the report as further proof of Inland Rail's long-term contribution to the growth of regional Australia.
"Inland Rail is an investment that we know has enormous payback for regional Australia 10, 30 and 50 years down the track," Mr McCormack said.
"Inland Rail is going to draw industry to regional Australia where the enhanced freight rail network will connect companies and consumers both domestically and internationally.
"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."
Mr McCormack said the EY report assessed the additional benefits to communities from opportunities for local businesses.
"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," he said.
"The benefits of this project are going to be felt across generations."