Minister for ESDD Simon Corbell has issued a press release arguing the financial case for light rail. This follows several days of pressure from Canberra Liberals MLA Alistair Coe on the financing model that Capital Metro will use.
The press release is as follows:
Capital Metro cost benefit stacks up
The ACT Government’s Capital Metro light rail project delivers a benefit cost outcome similar to, or better than, other light rail projects that are going ahead around Australia, Minister for the Environment and Sustainable Development, Simon Corbell said today.
“According to Infrastructure Australia’s own costings methodology, the benefit cost ratio for Capital Metro at our medium growth scenario was 2.34; this is similar to, or better than, the benefit cost ratio for other light rail projects going ahead in QLD and NSW,” Mr Corbell said.
“The Gold Coast light rail project, for example, has a benefit cost ratio of 1.63, and Sydney’s Inner West light rail project between Lilyfield and Dulwich Hill is understood to have a benefit cost ratio of 1.0.
“Benefit cost ratio is a key indicator of a project’s viability. A ratio greater than 1 demonstrates that economically, for every dollar spent there is a positive economic return.
“A ratio of 2.34 shows that for every dollar spent, there is a return of just over two dollars.
“It’s also important to note that the Infrastructure Australia report, that Opposition Transport spokesman Alistair Coe keeps referring to, has not ruled out light rail, rather it has named a ‘Canberra Transit Corridor’ as an early stage infrastructure priority (page 100).
“Transforming and integrating the city’s public transport system is a big investment that will deliver benefits to Canberrans, and to the economy, for decades to come,” Mr Corbell said.
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