What are the benefits and improvements which will occur as part of the Port Phillip Bay channel deepening?
Channel deepening is vital to the Victorian economy and directly benefits exporters and jobs. Shipping remains the most economic means of transporting goods to and from Australia. Without channel deepening the cost of containerised freight, to and from Melbourne, will rise, increasing the cost of imported goods to consumers and making Australia’s exports less competitive. Current channel depths mean more than 30 per cent of container ships cannot load to full capacity and business misses out on the lower freight costs that arise from the economies of scale associated with larger ships. The Australian Council for Infrastructure Development rates channel deepening as the nation’s most valuable infrastructure project, with the potential to add $14.8 billion to GDP by 2030. A Victorian Government commissioned report undertaken by PricewaterhouseCoopers estimated economic benefit to Victoria of $1.36 billion over the next 22 years.
