Townsville Port Secures Funds for Channel Expansion Project
- Business & Finance
The Queensland government has informed that it plans to provide a down payment of up to AUD 75 million for the port in Townsville’s expansion project.
The Townsville Channel Capacity Upgrade (TCCU) project would allow cruise tourism to further flourish by accommodating ships of up to 300 metres.
The project is also expected to lower freight costs for North Queensland consumers and producers, and provide a further boost to the North Queensland economy, according to Premier Annastacia Palaszczuk.
Subject to finalisation of an environmental impact statement and business case assessment, which requires Federal Government approval, and business case approvals, the Palaszczuk government “is prepared to commit AUD 75 million towards the costs of the project, and work to get a matching commitment from the Turnbull Government.”
“The Townsville port is northern Australia’s primary container, general cargo and automotive port. The port handles around 10 million tonnes of product worth over AUD 10 billion each year, and services 70% of the population in northern Australia,” Palaszczuk said.
Ports Minister Mark Bailey said that this project “is one of a number of significant initiatives that will cement the port of Townsville as Northern Australia’s premier trade and logistics hub, including the Palaszczuk government’s acceleration of the AUD 55 million berth 4 upgrade, which will double the port’s container trade capacity.”