The Australian Greens Party says a Melbourne-Brisbane high speed rail project should be kicked off now, with an initial $1.6 billion equity investment.
Senator Janet Rice, the Greens’ spokesperson for transport, outlined the party’s election policy for high speed rail on March 3.
The Greens would see a line first built from Sydney to Melbourne, with a spur to Canberra. The second leg would be built between Sydney and Brisbane, with a spur to the Gold Coast.
The project would be publicly-funded and supported by a series of value-capture methods.
Rice said a fully-funded high speed line between Brisbane and Melbourne would be built in the public interest, while providing a return to the taxpayer.
“For decades, Australians have dreamt about high speed rail along our east coast,” Rice said. “It would be nation building at its best: big, bold and transformative.”
Rice criticised past governments for inaction on high speed rail, saying they had been overly risk-averse, despite studies showing “the feasibility, high public benefit and strong economics of high speed rail”.
She was also critical of shadow infrastructure minister Anthony Albanese, for his openness to a high speed rail project funded through the private sector.
Rice highlighted a popular proposal from private sector group CLARA, which incorporates major development along the line to provide financial support.
“The CLARA project banks on developers making money from massive increases in the value of land along the route, building stations and new cities rather than building stations in existing towns like Albury-Wodonga and Wagga Wagga,” she said.
“This would mean instead of high speed rail unlocking the economic potential of our existing regional cities, these established towns would struggle to compete with the new cities built around new stations.”
Rice said a value capture model could instead be used to provide that financial surety to the project.
“Construction of high speed rail stations both up and down the east coast and in the heart of our central business districts will immensely increase the value of surrounding land. Private developers who see their property values rise should not simply get a windfall gain. By using a variety of taxes and charges, they will be made to contribute to the overall cost of building the project.”