A plan to merge the corporations managing Melbourne's ports came undone when the state opposition party blocked the legislation in parliament, claiming a monopoly was bad for competition.
The government believes the Port of Melbourne, Australia's busiest container port, can remain in service for another 20 years before the Port of Hastings, south east of Melbourne, would need to become operational. However, the opposition party, which is running close in opinion polls ahead of an election in November, want to see Hastings in operation within eight to ten years.
A government-commissioned report showed that it would take 20 years and AU$9.4 billion (US$8.15 billion) to bring the Port of Hastings up to standard, and industry experts suggest that investment in Hastings ought to take place, but should not be rushed.
Source: The Australian Financial Review
