The proposed sale of the $4 billion Australian Rail Track Corporation (ARTC) has been canned by the Federal Government this week as it pursues its ambitious Melbourne-to-Brisbane inland rail project.
In the Federal Budget this week, the government opted to build the line through the ARTC despite commissioning a scoping study into the privatisation options in last year’s budget.
The project has a large potential for private investment in the rail company with owns and operates the Hunter Valley Coal Network.
According to Finance Minister Mathias Cormann, the $10.7 billion project is set to be delivered in partnership with the private sector.
“The Government will begin market testing for private sector involvement in the project,” Cormann said.
“We will retain the ARTC in the hands of the Australian Government ownership to enable the project to access funds at the lowest cost to the taxpayer”.