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Port of Brisbane kicks off bidding process

Port of Brisbane kicks off bidding process

Sydney: Queensland Treasurer Andrew Fraser today invited bids for a 99-year lease on the Port of Brisbane - Australia's premier multi-purpose cargo port, report local media source

"The Port of Brisbane is already a powerhouse of economic activity. This is the logical next step in order to see the business grow into the future," Mr Fraser said. "The bidding process for this business will begin today. I expect to see the transaction finalised by the end of the year, subject to market conditions."

"The Port of Brisbane is the most accessible multi-purpose cargo port on the east coast and is ideally placed to take advantage of the growing Asian and Pacific markets," he said, adding that the Bligh government remained committed to putting the infrastructure needs of Queenslanders before the needs of big business and shipping companies.

"That is why we are leasing the Port of Brisbane. We need to be focusing on schools, roads and hospitals, and leave running a Port to its natural owners - the private sector."

By leasing the Port, Queensland will retain ownership of the Port land and infrastructure - but transfer the expense and risk of operating a commercial shipping Port to the private sector.

Trade statistics show that Brisbane showed a 4.9% percentage growth terms in mass tonnes and a 7% growth in container volumes between 2004 and 2009.