Engineering, Passenger Rail, Rail Supply

Trad looks overseas for Cross River Rail funding

Deputy Queensland premier Jackie Trad has reportedly spoken with foreign investment agencies about potentially helping fund the $5.4 billion Cross River Rail project.

According to a report in the local Courier Mail on Monday, the deputy premier – who is also the infrastructure and planning minister – has been trying to encourage investment in the proposed rail tunnel project during her trade mission to Europe and the Middle East.

Trad reportedly said international banks, institutional investors and pension funds were interested in the potential of land development opportunities arising from the project.

“The [level of] interest is incredibly high,” she was quoted as saying.

“A very wide variety of financial institutions are interested and also pension funds.”

Trad’s mission falls into line with the Turnbull Government’s ‘Smart Cities Plan’, which urges state governments to work with the private sector, and local communities, to create UK style ‘City Deals’.

City Deals aim to utilise value capture to help fund infrastructure projects, like the Cross River Rail.

“We are in such a prime position in terms of Cross River Rail because the government does have such significant land holdings along the corridor,” Trad was quoted.

“There’s all the land around the stations around Dutton Park, main rail yards are yet another example … Roma Street as well and [the site] at Woolloongabba is going to be a significant site.”

The Queensland Government in April established the Cross River Rail Authority, with Premier Annastacia Palaszczuk labelling the project the state’s number one priority.

Prime Minister Malcolm Turnbull is yet to announce federal funding for the project, however, with it still under assessment from Infrastructure Australia, where it is listed as a High Priority Initiative.

The proposed rail project would create a 10.2 kilometre link from Dutton Park to Bowen Hills, with 5.9 kilometres of tunnel taking the line under the Brisbane River and CBD, via five new station precincts.