Suburban Rail Loop
Richard WELCH (North-Eastern Metropolitan) (17:57): (1812) My adjournment matter is for the Minister for the Suburban Rail Loop. Some days ago the minister acknowledged that the value capture mechanism would not raise the $12 billion forecast to fund the project and therefore other taxing sources would be required. Now, within the case put to Infrastructure Australia and their response to it, the connection between value capture and the justification of the project was absolute. There is a clear connection between what value the railway would raise for the community – its return on investment – and the ability to extract value capture from it. The two things are inextricably linked. The fact that you now admit that that cannot occur fundamentally changes or in fact implodes the business case for the project. It raises two important questions, so the action I seek from you is: please advise the date on which you first became aware that value capture would not raise the money required and on what date you advised Infrastructure Australia of that, and what other advice you have given them, given that the business case has now changed.