L-R: Port of Newcastle ECO Craig Carmody, NSW Treasurer Matt Kean, Independent Member for Lake Macquarie Greg Piper MP

Port of Newcastle has welcomed today’s historic announcement by NSW Treasurer Matt Kean that IPART has been appointed as the independent valuer under the Port of Newcastle Extinguishment of Liability Act 2022.

CEO Craig Carmody said, the appointment marks the final step in the legislative process, which will enable the Port to compete in container trade free from penalty.

“This announcement is momentous for the Port of Newcastle, the Hunter and Northern and Western NSW. That is why it has support from all sides of politics,” Mr Carmody said.

“At the Port, we have never been shy in speaking about our need to diversify our trade in order to future-proof the Hunter and continue to drive jobs and investment in our region.

I am incredibly proud to be part of an announcement that helps turn the vision of a diversified Hunter economy into reality

Craig Carmody
CEO, Port of Newcastle

The Newcastle Deepwater Container Terminal (NDCT), is a once in a generation opportunity and one of the region’s most important development pathways since BHP, unlocking $2.2 billion in economic activity in NSW alone and generating more than 15,000 direct and indirect jobs nationally; 12,000 of those being in the Lower Hunter.

Mr Carmody thanked Independent Member for Lake Macquarie Greg Piper MP and the Treasurer, Hon Matt Kean MP, for their strength of leadership in supporting the legislation, which passed Parliament in November last year.

“Greg Piper has shown great leadership in recognising the need for a container terminal in Newcastle and the benefits it would bring not just to the Hunter, but Regional NSW,” Mr Carmody said.

“We also would not be here without the courage of The Member for Northern Tablelands, The Hon. Adam Marshall MP and The Member for Upper Hunter, Dave Layzell MP, along with the efforts from stakeholders across regional NSW, particularly NSW Farmers and their members.

“With this announcement, the NSW Government is providing manufacturers and agri-businesses with a cost-effective alternative to export their goods will drive growth and investment both here and in the regions. This will create new opportunities for exporters and importers, that will ultimately lead to benefits for consumers.

“Now that the Treasurer has appointed the independent valuer, we look forward to seeing the process through to completion over the next six months.”

Once fully operational, the $2.4 billion NDCT will have a throughput capacity of 2 million TEUs (standard twenty-foot containers), delivering benefits worth $2.5 billion to the national economy.

For more information about the development and its benefits, visit newcastledct.com

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