OCEANIA

FAVOURABLE ECONOMIC BENEFITS

22 years ago

The direct economic benefits of deepening the channels of Australias premier container port have been estimated by consultants Meyrick and Associates, at US$851m over 25 years.

Engaged as specialist economic advisers to the project, Meyrick and Associates, as lead consultants in association with PricewaterhouseCoopers, found that the bulk of the benefits of channel deepening will be directed to the container shipping industry, while significant indirect benefits will flow to the Victorian and Australian economies.

Meyrick reported that second order benefits to the Australian economy from the reduction in transport costs and the investment in infrastructure will be in the region of US$2.97 billion and over 5,300 full time years of employment.

Indirect impacts in the order of US$14.47m may occur in the aquaculture, fishing, ecotourism and recreational diving industries, Meyrick reported. However, these disbenefits were found to be outweighed by the huge benefits of the project, which it is estimated will cost in the order of US$289.39m.

Meyrick and Associates was appointed as one of 16 specialist consultants to the EES – the largest that has ever been compiled in Victoria. The EES findings will now be open to public comment before final approval can be given by the necessary State and Federal authorities.