Pacific National to hand back Vic regional track in May

<p>Victoria’s regional rail network will return to public ownership next month after an agreement was signed with Pacific National.</p> <p>Victorian public transport minister Lynne Kosky said the completion of the deal and the formal transfer would take place in early May.</p> <p>Ms Kosky said the Bracks Government would buy back the regional rail network lease for $133.8m as a result of an election commitment by premier Steve Bracks in November last year.</p> <p>State-owned regional rail operator V&#47Line will take on responsibility for the regional rail network.</p> <p>&#8220The original 45-year lease signed by the Kennett Government with Freight Australia was fundamentally flawed in that it did not promote competition, allowed parts of the rail network to deteriorate and hindered the Government from accessing track to carry out infrastructure upgrades,&#8221 Ms Kosky said.</p> <p>&#8220The new arrangements will allow the Bracks Government to proceed with investments in major rail projects and upgrades.&#8221</p> <p>The State Government has committed $25m to improve the rail freight network and would continue to provide ongoing funding for the passenger rail network, Ms Kosky said.</p> <p>Projects now on the Government’s agenda include the upgrade of the Mildura rail line and the Wodonga rail bypass.</p> <p>Ms Kosky said the Government’s first priority on taking back the tracks would be to conduct a full operational review and safety assessment of the network.</p> <p>&#8220We look forward to working with industry stakeholders over the next 12 months to improve the rail freight network and provide greater certainty to farmers and regional exporters,&#8221 Ms Kosky said.</p> <br />