GOLD SPONSOR
Accelerating Australia’s green transition
We’re helping corporates across Australia decarbonise and reach their sustainability goals with tailored Power Purchase Agreements (PPAs) backed by the Lal Lal and Murra Wurra wind farms in Victoria and the Avertas energy from waste plant in Western Australia. Learn more about how we’re powering business with green energy at greeninvestmentgroup.com
Our global impact
30+ GW
3.9 GW
25 markets
23 corporates
of renewable energy capacity in development globally1
with Green Investment Group operations or investments
of renewable energy projects supported with PPAs2
supported with their green transition through PPAs
1. Includes projects being developed directly by GIG or through operating platforms. Operating platforms are companies operating as operationally segregated subsidiaries of GIG or companies where GIG has entered a joint venture with another partner. 2. Total capacity of renewable energy projects in development, construction or operation where GIG or Macquarie Capital (either directly or via operating platforms) have contributed equity investment, which is supported by power purchase agreements structured by GIG, Macquarie Capital or its operating platforms. None of the Macquarie Capital entities nor the Green Investment Group are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.
Contents
Sponsor Directory 2 Chair’s Message
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CEO’s Message
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Accelerating corporate Australia’s transition to net zero
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The road to a sustainable future
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2021 Australian Infrastructure Investment Report – Key Findings
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Providing a critical role in detection and economic recovery
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Engagement the key to Victoria’s transport evolution
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Victorian Government infrastructure policy reforms
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Making the most of the Games with a 10-year planning runway
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We’ve now no choice but to be smarter with our assets and investment dollars
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Sponsor Directory
Macquarie Capital 50 Martin Place Sydney NSW 2000
P: +61 2 8232 3333 W: macquarie.com
Transurban Level 31, Tower 5, Collins Square 727 Collins Street Docklands VIC 3008
Sydney Water PO Box 399 Parramatta NSW 2124
P: +61 3 8656 8900 E: corporate@transurban.com W: transurban.com
P: 1300 362 092 E: media@sydneywater.com.au W: sydneywater.com.au
Victorian Government Department of Treasury and Finance 1 Treasury Place East Melbourne VIC 3002
P: +61 3 9651 5111 E: information@dtf.vic.gov.au W: dtf.vic.gov.au
Department of Transport 1 Spring Street Melbourne VIC 3000
P: + 61 3 9655 6666 E: DoTCorporate@transport.vic.gov.au W: transport.vic.gov.au
Infrastructure Partnerships Australia Suite 3.03, Level 3 95 Pitt Street Sydney NSW 2000
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P: +61 2 9152 6000 E: contact@infrastructure.org.au W: infrastructure.org.au
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Chair’s Message
It is my pleasure to welcome you to Partnerships 2021. Twelve months ago, we came together to discuss the Reset. It was a unique opportunity to rethink traditional infrastructure approaches in the midst of a crisis. As Australia moves ahead with its national reopening plan, this year’s Partnerships theme focuses on the Response. Over the course of the Conference, Australia’s leading political, public service, and business figures will share their insights on the evolving political landscape, the ongoing implications of pandemics, and the accelerating priority of decarbonisation.
Infrastructure Partnerships Australia Chief Executive Adrian Dwyer will sit down with the Federal Minister for Communications, Urban Infrastructure, Cities, and the Arts Paul Fletcher MP to discuss the national recovery task, state-federal relations, and the development and rollout of 5G technology. CEO of Macquarie Group Shemara Wikramanayake will close the Conference by sharing her insights on the Australian infrastructure investment landscape, the increasing appetite for digital infrastructure assets, and how we can leverage private finance and expertise to aid in the delivery of a renewed infrastructure pipeline.
We will open the Conference with an address from NSW Premier Gladys Berejiklian. The Premier will provide an overview of the NSW Government’s vaccination program, its reopening plans, and the critical role public infrastructure investment will play in underpinning recovery efforts.
I hope over the course of the program we provoke new discussion and insights on the biggest trends shaping the future of the infrastructure sector.
We will also hear from our respected leaders panel, including Dr Kerry Schott AO, Mark Birrell AM, Jim Miller, and Mike Mrdak AO, on the current state of infrastructure reform in Australia and the progress still to be made. Public sector leaders from across the sector will share their reflections on the once-in a-generation rail investments shaping Australian cities and supply chains.
Yours sincerely
A panel of Australia’s largest infrastructure investors will explore the challenges and opportunities for ESG and sustainable investing, with reflections from Damian Graham, Chief Investment Officer at Aware Super, Michael Hanna, Head of Infrastructure – Australia at IFM Investors, and Matina Papathanasiou, Founding Partner at QIC. PA R TN E R S H IP S 2 0 2 1
Thank you again for joining Partnerships 2021.
Sir Rod Eddington AO Chair Infrastructure Partnerships Australia
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CEO’s Message
Among the many topics to be examined this year will be the accelerating priority of decarbonisation and the shifting appetite for ESG investments. As we saw with the recent release of our 2021 Australian Infrastructure Investment Report, ESG has evolved into a key decision-making factor for investors. While ESG and social licence considerations have been a recurring themematic for investors in past years, they now sit at the forefront of decision makers minds. In fact, 93 per cent of investors agree that ESG has become more important over the past two years. While there is strong demand for ESG-friendly opportunities, investors have made clear that capital is a coward and will flow to markets that treat it best. Greater regulatory clarity alongside a more coherent national decarbonisation framework is likely to catalyse investment in more sustainable energy and see Australia outperform its global peers. However, concerted action by governments is required to see these opportunities realised. We’ll also explore how the digitalisation of the economy is becoming an accelerating and sticky trend, with COVID-19 heating up the market for telecommunications and data-related assets. The ongoing expansion of our digital networks through the deployment of 5G technology will only serve to increase the velocity of change.
Reigniting a new investment and reform agenda The last twelve months have been a challenging period for the national economy and for the infrastructure sector. At the start of the year, we were leading the world on the containment of COVID-19, with a clear path to recovery. Since then, we have seen lockdowns and border closures frustrate the national recovery. Our construction industry was placed on hold and remains constrained in NSW, Victoria, and the ACT. We’ve also seen concerning trends towards greater direct intervention by governments and regulators across several established infrastructure markets. Despite these challenges, ambitious state governments have pushed ahead on reform. We’ve seen distance-based road user charges implemented in Victoria and announced in NSW, South Australia, and Tasmania, a renewed push towards public transport franchising, and a move to introduce broad-based land tax in NSW. We have also seen governments deploy a new wave of infrastructure stimulus across social housing, education, and transport – investments which are providing a ballast to the national economy in these uncertain times. Over the course of today’s Conference, public and private sector leaders will come together to reflect on this progress and explore how we can ignite a new investment and reform agenda.
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Government will also need to contend with the implications of a changing telecommunication landscape, with businesses moving to de-merge their infrastructure assets from their retail and service operations. A move that once again must prompt governments to reassess their own roles in the sector, particularly through ownership of businesses and assets like the NBN. Looking over the horizon, it will also be critical for governments to recommit to market principles by prioritising reforms that improve efficiency, better align regulation with users’ interests, and remove impediments to the wave of private investment that will be required to support simultaneous transitions and disruptions. A focus on reforms that shift the infrastructure funding burden away taxpayers to users will also be needed to ensure we create fairer infrastructure now, and a stronger economy tomorrow. Over the course of the 2021 Partnerships Conference, I look forward to examining these priorities with you, our senior leaders, to help secure our national recovery.
Adrian Dwyer Chief Executive Officer Infrastructure Partnerships Australia
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Accelerating corporate Australia’s transition to net zero John Pickhaver Co-Head of Macquarie Capital Australia and New Zealand
Australia’s largest corporations are making ambitious commitments to decarbonise, with many announcing plans to become carbon neutral by 2050. The pathways to achieving these goals are likely to be varied and multi-faceted. In the short term, companies can consider procuring renewable sourced energy or purchasing offsets and increasing energy efficiencies, but there are some hard-to-abate areas that will require longer-term solutions. At least one-fifth of the world’s 2,000 largest public companies have made some form of commitment to net zero1. A large proportion of retail shareholders, institutional investors including superannuation funds and sovereign wealth funds, as well as lenders, want to see change. This means there is an increasing amount of capital available to companies that are prepared to take practical steps towards meeting their ambitions, and transitioning to a net zero future. As the scale of the challenge and the immediacy of the impacts of climate change are growing clearer, the pressure is on corporates to fast-track creative, yet practical, solutions to decarbonise.
Power purchase agreements reaching further into corporate Australia One of the main ways corporate Australia is already decarbonising is through clean power purchase power agreements (PPAs). PPAs are a mechanism through which a company agrees to buy electricity from a renewable source, such as a wind farm or solar plant. Because the energy user enters into an agreement for a set period of time, they receive a level of price certainty that makes switching to renewables attractive. In return, infrastructure developers and investors get the certainty they need to finance and develop a project. Lal Lal is a 2,100-hectare wind farm that Macquarie Capital developed and owns with Northleaf Capital Partners and InfraRed Capital Partners2. The wind farm was made viable via a PPA to supply the Victoria-based packaging company Orora with renewable energy. However, even those corporates with more moderate energy needs can benefit from PPAs by grouping together in a consortium. ANZ Bank, Coca-Cola Amatil and the University of
1. Black, R., Cullen, K., Fay, B. et al., ‘Taking Stock: A global assessment of net zero targets’, Energy & Climate Intelligence Unit and Oxford Net Zero, 2021, https://eciu.net/ 2. ‘Macquarie Capital closes project financing and innovative commercial arrangement for Lal Lal Wind Farms’, Macquarie, 19 June 2018, https://www.macquarie.com/
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One recent project Macquarie Capital advised was Qtectic – Qtectic operates an electric passenger train upgrade for the Queensland government – which was financed through a certified green loan7, making it Australia’s second publicprivate partnership (PPP) to be financed this way. The positive current lending and capital raising environment is unlocking decarbonisation investments in more sectors. To this end, we recently advised Celsus, the commercial operator of the Royal Adelaide Hospital PPP, on the $A2.2 billion sustainable refinancing from a consortium of 18 banks. The refinance is Australia’s largest PPP green loan and the world’s largest healthcare sector sustainability loan. What we’re seeing is that finance is helping to create this positive loop when it comes to decarbonisation. Companies can leverage the growing demand for sustainable debt products to secure cheaper finance and gain a real advantage in delivering their transition strategy.
Stage one of Murra Warra wind farm
Melbourne did just this when they joined Telstra and entered a PPA with the Murra Warra Wind Farm project near Horsham, Victoria3. In January 2017, Macquarie Capital acquired 50 per cent of the Murra Warra development from RES Group (RES), the world’s largest independent renewable energy company. Following this, Macquarie Capital and RES split the site into two stages to accelerate commercialisation, with the first stage sold to Partners Group. Macquarie Capital’s Green Investment Group4 and RES are currently finalising the development of stage two5. When complete, this stage will supply electricity to a consortium of 46 Victorian local councils via Snowy Hydro under another PPA. This is one of the real trends we’re seeing evolve – smaller buyers binding together in a PPA arrangement that lets them achieve the same economies of scale as bigger energy users so that they can keep down costs and achieve their sustainability objectives.
Capital at the ready for transition projects Dry powder in investment funds has grown to all-time highs across the globe, further accelerated by the impact of COVID-19. In the opening three months of 2021, global sustainable funds attracted a record inflow of $US185.3 billion, a 17% increase in new capital being invested compared with the prior quarter6. Much of this capital has been specifically earmarked for sustainable or transition projects. ESG (Environmental, Social and Governance) considerations are high on the agenda for many investors and corporates. The ‘E’ in ESG receives particular focus, given many of those investors and corporates having clearly stated sustainability targets. This also extends to the debt markets, where lenders often have their own targets for ESG loans.
3. ‘Murra Warra Wind Farm Stage One reaches financial close, construction to commence’, Murra Warra Wind Farm, 14 March 2018, Res Group, https://www.res-group.com/ 4. Green Investment Group (GIG) is part of Macquarie Capital, and Murra Warra II demonstrates the depth and breadth of global expertise in green development within GIG, Macquarie Capital and RES in the context of the Australian market. 5. ‘Murra Warra II Wind Farm to commence construction following successful completion of development phase and financial close’, 3 August 2020, Macquarie, https://www.macquarie.com/ 6. Simon Jessop, Patturaja Murugaboopathy, ‘Sustainable fund inflows hit record high in Q1 – Morningstar’ Reuters, 1 May 2021, https://www.reuters.com/ 7. Asia Pacific Loan Market Association’s Green Loan Principles and Social Loan Principles
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Energy tech: a decentralised future Australia’s road to decarbonise by 2050 is also built on technology innovation. Australia is already a world leader in generating renewable energy via distributed networks, or small-scale renewable systems that service a home or business. So much so, that BloombergNEF forecasts that by 2035, as much as 33 per cent of Australia’s entire energy capacity will sit behind the meter rather than on the transmission network. Several energy providers have launched their own virtual power plants, procuring excess electricity generation from bundles of rooftop solar assets and then on-selling to consumers and businesses. However, the most rapid gains are being made in renewable energy storage. Dispatchable storage is a great complement to balance out intermittent renewable energy generation. In addition to timeshifting energy, storage can also provide grid stability services, ramp rate control, and can assist in deferring network upgrade expenditure. Such features can bolster the grid for higher penetration of renewables, increasing accessiblity to consumers. Price signals for flexible dispatchable energy are evolving too, with Macquarie’s Commodities and Global team (CGM) recently entering into virtual storage swap contracts with Hydro Tasmania. Under the terms of this type of instrument, Hydro Tasmania can lock in the price spread between periods of excess grid power in Victoria (typically during times of plentiful renewable supply) and periods of required peaking power in the grid due to high demand or low renewables output. Such instruments help storage asset owners capture the revenue they require and at the same time, allow stored energy to be utilised as a balancing mechanism for the physical market. We expect to see innovative financial instruments becoming increasingly available to dispatchable new energy assets, and like PPAs, these innovations can improve the bankability of projects, driving down the cost of capital, and ultimately enable lower prices for consumers. PA R TN E R S H IP S 2 0 2 1
Hydrogen provides an additional decarbonisation pathway Still, for many of Australia’s heavy emitting corporates, clean electrification will not be an economically or technically viable solution for all of their operations. As such, many corporates are beginning to explore hydrogen as an alternate or additional decarbonisation pathway. Renewable hydrogen as an industry is still relatively nascent, however a combination of a supportive policy environment across multiple jurisdictions and a path to rapid cost reduction has meant it is starting to feature as a medium-term decarbonisation tool for heavy mobility, heat and industrial feedstocks. In an Australian context, an opportunity does exist to be a significant hydrogen producer given our access to low cost renewables and an increasing focus by both Federal and state governments. In order to recognise this opportunity and overcome some of the challenges to industry development, priority is being shifted to the development of projects where demand can be aggregated, scale can be achieved and existing infrastructure can be reused. The development of hydrogen hubs of this nature mirrors what is happening in Europe where large industrial clusters are developing around hydrogen and other renewable fuels. Macquarie Capital is actively involved in a range of hydrogen hubs globally. From our experience there are two key ingredients for success. Firstly, strong and credible partnerships are required. These projects are, by their nature, multi-faceted and no one organisation typically has the capability to bring them to fruition. Secondly, developers of projects need an understanding and capability across broader energy markets, particularly as we see the convergence of gas and power markets becoming important. Ultimately, hydrogen will be a commodity and the driver for cost will be energy input. Accordingly, setting a project up to be low on the cost curve will ensure ongoing competitiveness.
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Structuring for sustainability Some companies and sectors have more work to do than others when it comes to decarbonising. But this hasn’t stopped many of Australia’s largest carbon emitters from setting their own ambitious targets – including mining companies and energy providers. AGL Energy, which operates Australia’s largest electricity generation portfolio, has a significant carbon footprint through its ownership of large coal-fired power plants but also has Australia’s largest portfolio of renewable energy assets. It decided to take a transformative step in order to accelerate its transition by seeking to demerge into two companies: one focused mainly on electricity generation (to be named Accel Energy) and the other on retailing electricity and gas to 4.5 million largely residential customers supported by flexible generation (named AGL Australia). Macquarie Capital is advising AGL Energy on its demerger – an industry-leading move which will allow Accel Energy to focus on its decarbonisation targets by repurposing existing energy sites such as coal-fired power plants into clean energy hubs. AGL Australia will immediately become scope one and two emissions neutral, and pursue its own unique transition pathway to carbon neutrality with a focus on customer-centric strategies.
The near term: offsetting is key With global warming expected to reach 1.5 degrees Celsius sometime between 2021 and 20408, corporate decarbonisation targets must balance the longer-term structural changes with the need to take tangible action today. So, while 2050 may be the end goal, Australia’s corporates must still work with what’s available right now. Carbon offsetting should play an important role in supporting an organisation’s transition to carbon neutrality, especially those in hard-to-abate sectors, such as mining, manufacturing and energy. After all, many have little option but to rely on fossil fuels for their baseload energy needs or manufacturing processes in the near future while new technology such as carbon capture, which could allow them to operate in a less carbon-intensive way, are still under commercial development. That said, some critics argue that carbon offsets can be too theoretical and too far removed from the carbon that’s being emitted. However, Macquarie believes there are real options upstream, midstream and downstream where offsets can make a difference.
One key to making this strategy work is to properly engage with all stakeholders, including the local community. Many carbon projects provide ESG co-benefits, such as improved local community social and economic outcomes for women, children and underrepresented groups. As such, carbon offset projects can provide an opportunity for organisations to integrate their sustainability initiatives with their wider community and philanthropic engagements. It is also important to frame (and to use) offsetting as part of a wider, mutlifaceted strategy toward decarbonisation – asset owners should communicate exactly how offsets address a project’s emissions today, as well as the emissions and other ESG solutions they are working towards, in order to directly reduce emissions in the medium to long-term. Offsets can also be used creatively to make historically carbonunfriendly, but necessary transactions, greener. For instance, Macquarie’s CGM team arranged and executed the world’s first major petroleum trans-continental shipment in which the entire crude oil lifecycle was offset. In addition, CGM has executed other market-leading transactions in carbon-neutral refined petroleum products and carbon-neutral ocean freight. These product offerings represent pragmatic solutions that use carbon offsets as a bridge into longer-term, structural decarbonisation efforts that require time, capital investment and, in some cases, additional technological development. The path to 2050 is a long one and companies need to have short and medium-term goals along the way. Offsets allow these companies to take immediate action while exploring the technological developments that will ultimately allow them to reach their carbon ambitions.
Meeting the defining challenge of our times For almost two decades we have worked with governments and clients to drive the energy transition and advance practical solutions to climate challenges. We have built market-leading capabilities in investing directly into climate mitigation, adaptation infrastructure and in supporting our clients and portfolio companies to decarbonise their activities. We are committed to playing a leading role in achieving global net zero emissions by 2050.
8. ‘AR6 Climate Change 2021: The Physical Science Basis’, IPCC, 7 August 2021, https://www.ipcc.ch/ Important Notice This article is not research and has been prepared by non-research personnel of certain Macquarie Capital entities within the Macquarie Group. This article has not been independently produced by a research team. None of the Macquarie Capital entities are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.
For more information please contact John Pickhaver Head of Infrastructure and Energy and Co-Head of Macquarie Capital, Australia and New Zealand
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E: John.Pickhaver@macquarie.com
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The road to a sustainable future Henry Byrne Group Executive, Victoria and Strategy
The collective response to COVID-19 has been allconsuming, with governments, organisations and individuals forced to adapt quickly to our now, not-so new reality. As an owner and operator of toll roads in Melbourne, Sydney and Brisbane we’ve been monitoring the impacts of COVID-19 on transport and mobility trends since August 2020, and the challenges and opportunities that may emerge post-pandemic. One of the challenges facing Australia before the pandemic was our reliance on an unfair and outdated road funding model, which is explored in our most recent industry report, Urban Mobility Trends: Road Funding Reform. Like many countries around the world, Australia’s road funding model is built on the collection of fuel excise – charged here at 43.3 cents per litre of petrol and diesel.
Fuel excise - the single largest source of road-related revenue collected by the government - has been declining in real terms for decades due the increasing fuel efficiency of our national fleet. Motorists driving older, less economical vehicles are paying the most. As the world moves to decarbonise its transport systems by encouraging the adoption of zero and low-emissions vehicles, the system will become more inequitable and result in a bigger funding gap between revenue collected and that needed to build and maintain infrastructure. Despite low numbers of zero and low-emissions vehicles in Australia, a survey of 3,000 people across Victoria, New South Wales and Queensland commissioned by Transurban found that 42 per cent of respondents would like their next car to be an electric vehicle, with 84 per cent motivated by both the environmental benefits, and reduced operating costs. It’s important to stress that electric vehicles are not the problem. They are vital to the decarbonisation of our transport networks, the urgency of which was driven home in the Intergovernmental Panel on Climate Change’s Sixth Assessment Report, which warned of increasing extreme weather. However, the more electric vehicles on our roads, the less fuel excise collected.
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An alternative taxation model to Australia’s current system of fuel excise and other road-related charges such as licensing and registration, is a road-usage charge. It is a model that has long been advocated for by government and industry bodies including Infrastructure Partnerships Australia, Infrastructure Australia, Infrastructure Victoria, the Productivity Commission, the Harper Competition Review, the Henry Tax Review, as well as Transurban. While a complex reform, our most recent research indicates that motorists would prefer it over the current road funding model, with half nominating it as their preferred option, compared to 32 per cent preferring the current model. Preference for the current model declined to 23 per cent when respondents were made aware that it would potentially result in less government funding for future roads and infrastructure projects. The main reason respondents preferred a road-user charge model was because they considered it a fairer system. However, regardless of their preference, when it came to a road-user charge, around a third of respondents wanted to see concessions for people with low incomes, all revenue collected be spent on infrastructure, and for costs to vary to avoid penalising those in regional and remote locations. These would be important insights to consider in a reform process. Overall, the survey found that 64 per cent of all respondents considered a road-user charge model a fair way to contribute towards road funding compared to 55 per cent who thought the current system would be fairer. Reform has begun at the state level, with a distance-based road-user charge implemented for electric and plug-in hybrid vehicles in Victoria with similar changes announced, but not yet implemented, in South Australia and New South Wales. Overall, 68 per cent of respondents thought it was fair for electric vehicles to be charged per kilometre for using the road. The main barriers to purchasing an electric vehicle were the price and concern around availability of charging infrastructure. While the adoption of zero and low-emissions vehicles is inevitable, more can be done to encourage faster adoption so we can all realise the environmental benefits sooner. Transurban is helping play a part in encouraging adoption of electric vehicles by developing a range of initiatives to highlight their benefits to our 5.7 million Australian customers. This includes incentives such electric vehicle giveaways and customer experience programs.
Additional findings in our research reinforced the need to transition to a more sustainable road funding system. Over the 18 months that we have been tracking how COVID-19 might change people’s travel preferences over the long term, we have consistently seen a trend towards private vehicle use over public transport. Our most recent research showed an 11 percentage point increase in respondents’ expectations that they would travel by private vehicle every day in a post-COVID-19 world since we asked the same question in our August 2020 report. At the same time, people who once were daily users of public transport expect to use it less, with decreases seen most notably in Melbourne and Brisbane compared to when we asked the same question in our August 2020 report. Obviously waves of COVID-19 restrictions have meant periods of little or no congestion, however when cities have reopened traffic has rebounded quickly. Increasing congestion was a concern to 93 per cent of respondents in Melbourne, Brisbane and Sydney, with 28 per cent rating the issue as very concerning. A trend to more personal transport would place even greater strain on our stretched transport networks, with pre-pandemic congestion forecast to cost Australian cities billions. To overcome the challenge of congestion we must look for ways to improve how we use the existing road network, as well as opportunities for targeted investment in new road and public transport infrastructure. But this all relies on Australia’s road funding model keeping up. Transurban’s motorways provide motorists with a quicker and safer route around Melbourne, Sydney, and Brisbane, but they’re only as effective as the network – both roads and public transport – that surrounds them. A sustainable road funding model means a strong transport network and it is for this reason we are committed to research, education and advocacy on road funding reform.
For more information please contact Charlotte Watson Strategic Communications Manager, Transurban
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E: chwatson@transurban.com W: transurban.com/news/urban-mobility-trends-road-funding-reform
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2021 Australian Infrastructure Investment Report – Key Findings
Investor appetite for Australian infrastructure is strong
84 per cent of surveyed investors are ‘highly likely’ to invest in Australia
The maturity and security of the Australian market continues to attract investors
94 per cent
say economic stability makes Australia an attractive investment destination, up from 68 per cent in 2019
91 per cent
say Australia’s track record for infrastructure business draws them to Australian investment opportunities, up from 85 per cent in 2019
But investors see limited opportunities, competition and high costs of bidding
? Just 22 per cent 44 per cent see the availability of stock as an attraction to the Australian market
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see competition for assets as a key challenge to investing in Australia
76 per cent say the cost of bidding hinders investment
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Investors are broadening their definitions of infrastructure and moving up the risk curve
63 per cent
agree their definition of what constitutes infrastructure has broadened
Over 50 per cent agree that core-plus1 infrastructure assets will be the strongest driver of growth over the next few years
Capacity constraints and political or regulatory uncertainty continue to dampen investor confidence
78 per cent
agree that Australia is facing capacity constraints in the delivery of projects
73 per cent
agree that uncertainty in Australia’s policy and regulatory settings limits their willingness to invest
?
ESG is a growing investment driver for traditional and emerging assets
93 per cent
agree ESG has become more important over the past two years, and 100 per cent agree ESG will become more important over the next three years
82 per cent
believe fossil fuel-powered energy assets have become less attractive over the past year Investors’ preference for renewable energy assets continued to grow to
72 per cent
Over 50 per cent
agree that non-traditional renewable energy, such as hydrogen and gridscale battery storage, are more attractive than a year ago
1. Core-plus infrastructure broadly refers to emerging asset types that have similar characteristics to core infrastructure assets, but may also exhibit shorter contracts, higher volatility and potential earnings. Examples include data centres, social housing, land title registries and car parks.
For more information please contact Michael Player Director, Communications and Engagement – Infrastructure Partnerships Australia
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E: michael.player@infrastructure.org.au To access full report, please click here
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Providing a critical role in detection and economic recovery Roch Cheroux Managing Director, Sydney Water
From ensuring the health and safety of our people to maintain supply of services, to supporting the COVID-19 response effort, and the ongoing contribution of our $5.4 billion capital works program, Sydney Water has responded to the pandemic by looking after our people and customers first.
Putting our people and customers first The safety and wellbeing of our people and the communities we work in has always been Sydney Water’s number one priority. In the past few years, we have had to adapt and respond to drought, bushfires, floods and leverage our infrastructure and expertise to support our customers and our workforce through significant challenges. Now, in the midst of an unpredictable and unprecedented health and economic challenge, we are focussed on our commitment to our people and customers through our response to COVID-19. When the pandemic hit last year, we developed a response based on three existing principles to: • reduce risk • support those in need, and • promote positive physical and mental health. We are proud to have continued to deliver uninterrupted highquality water, wastewater and some stormwater and recycled water services to more than five million people in Greater Sydney and the Illawarra, while enabling 1,500 people to work remotely and 1,000 field staff to work safely within the community. We had and continue to have robust systems in place to ensure business continuity during the pandemic while protecting people’s wellbeing. To date, this has been successfully achieved, however, we remain conscious of the significant challenges many of our customers have and continue to experience as a result of the pandemic, and we remain committed to doing what we can to support them. Our Customer Care team has seen a 37 per cent increase in the number of calls for payment assistance. We have seen less customers paying their bill on time compared to 2019. Given the important role we play in the community as a provider of an essential service, customers are being supported with initiatives including longer term payment extensions, extended Contact Centre opening hours, and the cancellation of disconnections.
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Contributing to the health response Utilities such as Sydney Water were originally established to protect communities from the threats of water scarcity and water borne diseases. The role of water services in protecting public health during this pandemic is no different – particularly given the importance of handwashing in preventing transmission of the disease. Aside from the supply of safe, high-quality drinking water early in the pandemic, Sydney Water commenced a rapid research and development project working on a method to detect genetic markers of SARS-CoV-2, the virus that causes COVID-19, in wastewater. Sydney Water continues to work with NSW Health to undertake sampling and testing from within the wastewater network, which helps identify hotspots for further community testing. The rapid turn-around provided NSW Health with an additional tool for managing the response to the pandemic. The implementation of the tool has allowed NSW Health to target messaging and testing to high-risk areas where fragments of the virus are detected. This is extremely valuable to communities across the state in providing early detection and tracking of possible COVID-19 clusters and outbreaks, and assisting NSW Health in managing the public response to the pandemic. Following its implementation in NSW in July 2020, the world-first research program has been replicated in other states and is highly respected worldwide.
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Supporting the economy A safe and efficient supply of water and a reliable wastewater service are key elements of any economy. Such essential services allow people to enjoy healthy and productive lives, and participate fully in education, employment and community activities. To 2026, Sydney Water is delivering a record capital program valued at around $5.4 billion. Through this program alone, we are providing more than 1,200 jobs, including 400 in Western Sydney, with a great deal more employment generated through our Major Projects, shared purchasing and other partnerships.
Sydney Water is proud of the way we have responded to this pandemic, and of the contribution we have made to the broader Government response. Our contribution continues to be critical to the health, social and economic recovery in NSW, and our people and customers remain our primary focus.
For more information please contact Catherine Cleary Manager, Corporate Engagement, Sydney Water
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P: 8849 5297 E: catherine.cleary@sydneywater.com.au
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Engagement the key to Victoria’s transport evolution
Victoria is future-proofing its transport network so it will deliver simple, safe, connected journeys for generations to come. Projections show that by 2050, 10 million people will live in Victoria and Melbourne will be a global city of 8 million. By 2051, freight volumes will triple to almost 900 million tonnes, and the roads, rails and footpaths will have to handle 14 million more trips a day, on top of the 23 million they currently handle. This is why the Victorian Government’s Department of Transport is focused on creating a transport system that is in step with other global cities and caters to future users. Begun six years ago and pressed ahead during COVID-19 lockdowns, the government’s transformative investment in transport infrastructure is dominated by Victoria’s Big Build – an $80 billion infrastructure program that supports more than 50,000 jobs. Victoria’s Big Build includes city-shaping projects like the North East Link and the Metro Tunnel, a level crossing removal program on track to remove 85 dangerous crossings by 2025, and a comprehensive agenda of road and rail improvements in regional areas. The pace of transport investment accelerated further in 2021 after the Victorian Budget injected a record $21 billion into new infrastructure, including substantial allocations for transport. According to Infrastructure Partnerships Australia’s analysis, infrastructure investment now makes up one in every four dollars spent by the Victorian Government - describing this commitment as the “State’s highest infrastructure spend on record”. The budget also supported a pipeline of projects including the Melbourne Airport Rail that will start construction in 2022 and the Suburban Rail Loop, which is forecast to create 20,000 construction jobs. Such momentum would be impossible without effective engagement between planners, designers, engineers and related disciplines across government, industry and the community. To encourage greater engagement and co-ordination, two years ago the Department of Transport embarked on a process of integration – bringing all road, rail and other transport-related activities under one roof.
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Integration means the department’s 4,000 staff can work more effectively with each other as well as other government agencies, project partners and network operators.
Developed using industry partnerships to test, trial and deploy improvements, RideSpace highlights the power of fostering strategic relationships between industry and government.
Collaboration is the only way to manage the complexities of a network designed to connect ever-evolving communities and precincts.
Strategic engagement also drives the department’s sustainability agenda. It lies at the heart of the latest electric bus trials and sustainable products like sound barriers made from 70 per cent recycled household plastics.
One of the most exciting recent additions to the Department of Transport was Development Victoria. For the first time, this allows major precinct developments to come from the same place as major transport developments. Now everyone is in the same room at the start of every project, ready to deliver solutions that fully take into account the movement of people, and the interaction between rail and public transport and road infrastructure at a precinct scale. This new way of working enables better understanding and development of the right outcomes for every environment, no matter how complex.
Transport is fundamental to people’s lives, to the extent that a better transport network directly influences quality of life. The level of transport infrastructure investment per person of working age in Victoria bears this out, doubling in the last 20 years from $800 per person to a forecast high of $1,800 per person. The rate of change in transport keeps getting faster, and the department is proud to work alongside organisations that share its commitment to enable better ways of living for Victorians.
Collaboration is also the only way to take full advantage of innovation. This thinking underpins the department’s new innovation division and program, which recently released its first trial offering – a real-time capacity indicator for public transport called RideSpace.
For more information please contact Department of Transport Corporate Stakeholder and Industry Partnerships
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E: DoTCorporate@transport.vic.gov.au
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Victorian Government infrastructure policy reforms An Nguyen Executive Director and Head of Partnerships Victoria – Infrastructure Delivery Group, Victorian Department of Treasury and Finance
Coordinated Procurement Reviews To make the most of the unprecedented investment in infrastructure in Victoria and across the eastern seaboard, DTF has partnered with New South Wales Treasury and the Victorian Major Transport Infrastructure Authority to reform procurement policies. The reforms will reflect market developments, industry feedback, international best practice and lessons learned. Priority reforms for 2021-22 include: • enhancing the Partnerships Victoria Framework to reflect learnings from recent projects and industry feedback to deliver enhanced outcomes for further investment in PPPs • updating the Government’s standard form contracts to generate time savings and efficiencies during tendering to meet the demand of the infrastructure pipeline • developing guidance for projects delivered through collaborative contracting models to provide a consistent baseline for these models in the same way that PPPs have benefited from a standardised framework
Victoria has been a leader in major infrastructure procurement and has an impressive track record of successfully delivering large and complex infrastructure projects through innovative procurement approaches, especially Public Private Partnerships (PPPs). The Government’s robust procurement policies and frameworks, including the Partnerships Victoria Framework for PPPs, have been key factors for Victoria’s success. These frameworks and policies support project and service delivery outcomes by ensuring that there is a principles-based approach to selecting a suitable procurement approach for each project based on its characteristics, risks and prevailing market conditions. The right procurement approach has proven to be a powerful driver of innovative outcomes and value to the State. The Victorian Government recognises that procurement approaches will evolve to reflect changes in the Government’s objectives, priorities, industry capacity and market circumstances. That is why, the Victorian Department of Treasury and Finance (DTF) is implementing a suite of reforms to optimise the way infrastructure projects are planned, procured and delivered to meet the Government’s requirements. DTF will continue to work closely with relevant government and industry stakeholders to ensure these reforms are fit for purpose and welcomes a dialogue with stakeholders interested in DTF’s policy reform program. PA R TN E R S H IP S 2 0 2 1
• releasing a newly updated Market-led Proposals Guideline to improve the way in which business and Government can partner to generate innovative projects.
Enhancing the Partnerships Victoria Framework PPPs remain a sound procurement method for infrastructure projects in Victoria, with an established history of delivering strong outcomes. PPPs drive innovations, efficiencies and enhanced values through a whole-of-life lens and a greater focus on long term service delivery and asset performance outcomes, supported by long-term contracts between the State and private sector to design, build, finance and maintain infrastructure and provide services, with remuneration linked to performance. In recognition of the important role the Partnerships Victoria Framework will continue to have in helping drive improved project outcomes, DTF is currently updating the Partnerships Victoria policy and guidelines to reflect learnings from recent projects and the outcomes of the coordinated procurement reviews. This will include reviewing how particular risks are allocated and managed during the delivery of projects, improvements to the way projects are procured and contracts are managed, and increasing early and ongoing collaboration with industry.
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Updating Government’s suite of standard form contracts DTF is also updating and expanding the Victorian ‘toolkit’ of standard form infrastructure contracts. This will generate time savings by reducing duplicative activities during project transactions and will ensure State contracts remain aligned with industry best-practice. DTF is assessing potential enhancements to the Standard Form Partnerships Victoria Project Deeds and supporting materials to promote greater efficiency and to meet the changing market circumstances, especially for mega-projects. Enhancements to the Deeds will be informed by learnings from recent PPP procurements including the North East Link and New Footscray Hospital projects. DTF is also developing new Deeds for two emerging collaborative models – an Incentivised Target Cost model and a Collaborative Design and Construct model. These new contracts will harness the benefits of competition, balancing appropriate risk allocation and performance incentives, while encouraging a more collaborative style of contracting with greater cost transparency. DTF will consult with government and industry stakeholders on the new contracts in the coming months, recognising their key role in the State’s infrastructure agenda and ensuring the contracts deliver optimal project and participant outcomes.
Collaborative Contracting Guidelines In response to an increasing number of projects being procured through collaborative contracting, DTF is developing a whole-ofgovernment framework for projects delivered through the suite of collaborative contracting models. The new framework will ensure there is a consistent approach to procurement phase activities and that value-for-money and project outcomes are optimised. The new Victorian Collaborative Contracting Guidelines will outline key principles, Government approval points, commercial
drivers and success factors for collaborative procurements. The guidance will also provide government practitioners with access to best-practice procedures, including strategies to meaningfully implement collaborative behaviours to reach best-for-project outcomes, ensuring that government remains an informed and active client. These guidelines will supplement existing Victorian Government infrastructure investment guidance, including the Investment Lifecycle and High Value High Risk Guidelines and Partnerships Victoria Requirements, together with the National Alliancing Policy and Guidelines.
Market-led Proposals Guideline The Government recently released the updated Market-led Proposals (MLP) Guideline to improve the way in which business and Government can partner to generate innovative projects that meet Victoria’s needs and support economic growth. The updated MLP Guideline has been restructured to reduce assessment timeframes, improve the quality of proposals and ensure proposals deliver the best value for Victorians. This has been achieved by reducing the number of assessment stages from five to three, streamlining the assessment criteria and improving governance and approval processes. Importantly, proposals will continue to only proceed where they deliver clear benefits to Victorians and achieve value-for-money. To complement the release of the Guideline, the Government has published a priority list for MLPs, to encourage proposals in sectors where there is a strong need for investment and innovation. This priority list provides clear and early direction to potential proponents on the alignment of their proposals with Government priorities. The updated MLP Guideline and proposals priority list is available online at the Victorian Department of Treasury and Finance website.
For more information please contact An Nguyen Executive Director and Head of Partnerships Victoria – Infrastructure Delivery Group, Victorian Department of Treasury and Finance
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E: an.nguyen@dtf.vic.gov.au
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Making the most of the Games with a 10-year planning runway
On 21 July 2021 Brisbane was announced as the Host City for the 2032 Olympic and Paralympic Games, creating a once-in-a-lifetime opportunity to accelerate long-term planning and boost investment for one of the fastest growing regions in Australia. The digital age has turned the Olympic and Paralympic Games into a global broadcasting phenomenon, with Brisbane 2032 set to be the largest Games ever staged in Australia and perhaps the world. Brisbane now has a 10-year planning runway to align event preparations with long-term regional priorities, including achieving critical infrastructure to support South East Queensland’s anticipated population growth from 3.7 million to 5.4 million by 2041. The vision for Brisbane 2032 is to create a legacy for the people of Queensland and Australia by leveraging the Olympics as the catalyst to enhance social, economic and environmental outcomes. This long-term planning is providing the certainty and confidence needed to trigger increased investment and unlock innovation beyond anything the state of Queensland has ever before seen.
“These Olympics will be transformational for our state, turbocharging the Queensland economy with $8.1 billion in economic and social benefits and 91,600 full-time equivalent jobs,” Premier Palaszczuk said. “Much of our infrastructure is in place, under construction, or in our 10-year pipeline to deliver the games, which will also mean a decade of new opportunities that will drive our COVID-19 Economic Recovery Plan forward. “Queensland will be the focus of international attention in the lead-up to and during the 2032 Games, and government, industry, business, and the communities will be united to ensure we deliver the best games ever.” Brisbane 2032’s value proposition is to harness the opportunity to deliver economic benefits over a 20-year period – 10 years leading up to the Games, the Games themselves, and then 10 years afterwards to 2042. This is forecast to deliver more than $8 billion in benefits to Queensland, including $4.6 billion in tourism and trade and $3.5 billion in social benefits including increased community health and wellbeing, and civic pride.
For Premier Annastacia Palaszczuk, Brisbane 2032 is a golden opportunity for Queensland. PA R TN E R S H IP S 2 0 2 1
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The Brisbane 2032 proposal was based on upgrades and expansion of public transport infrastructure already planned and underway, such as the transformative Cross River Rail project, and other planned upgrades that are forecast to increase system-wide capacity of more than 50,000 passengers per hour per direction. Works are already underway to increase road and rail capacity and connectivity throughout South East Queensland by 2032, and discussions are occurring between funding partners to examine opportunities to bring forward additional transport infrastructure in time for the Games. Brisbane 2032 already has a significant portion of venue infrastructure and facilities in place for the Games, with 84 per cent existing or temporary. The Australian Government has committed to a 50:50 contribution with the Queensland Government towards the venue infrastructure required ahead of the Games. Six new venues will be developed, and some venues are set to receive important upgrades to meet longterm growth demands, including fostering the next generation of elite athletes. All three levels of government will continue to work together in refining the venue delivery program to ensure the best possible athlete and spectator experience, as well as ensuring legacy benefits for current and future generations. One of the most significant legacies expected from Brisbane 2032 will result from infrastructure created to accommodate more than 16,000 athletes and officials during the Olympic Games and around 8000 during the Paralympic Games. The main athlete’s villages will be located in Brisbane’s Northshore,
Hamilton and Robina on the Gold Coast. Satellite villages will also be located on the Sunshine Coast and at Kooralbyn. The villages will be developed to support the Games, but with much longer-term planning considerations in mind, including strong connections to supporting road and transport infrastructure and providing a range of dwelling types to accommodate South East Queensland’s growing population. A key feature of the venue delivery program will be the works to upgrade The Gabba to increase spectator seating to 50,000, making it the largest oval stadium in Queensland. Located alongside the new Cross River Rail, this will be an exciting transformational project in Brisbane’s inner city for its ability to support capacity crowds. In addition, new venues will be developed including the 17,000 seat Brisbane Arena located in the heart of Brisbane and four indoor sports centres in Brisbane, Moreton Bay, Chandler and the Sunshine Coast to support the next generation of community and elite sport. Perhaps one of the most exciting opportunities is the flow-on benefits that the international Games spotlight will bring. The Games will position Queensland and Australia as a global destination and tourism hub in the Asia Pacific Region. It is hoped this enhanced brand and increased awareness will help grow the economy through increased tourism and trade. This presents an opportunity to enhance partnerships and collaboration with the private sector to capitalise on future growth opportunities and as a mechanism to aid in our recovery from COVID-19.
For more information please contact W: www.qld.gov.au/about/brisbane2032
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We’ve now no choice but to be smarter with our assets and investment dollars Peter Achterstraat AM NSW Productivity Commissioner
The COVID-19 pandemic is beginning to feel like never-ending tumult. When I released my NSW Productivity White Paper in May, life seemed to be returning to normal. Abruptly, however, we were reminded that the saga is not quite over yet. Again, our daily routines have been confined to our homes and the race is on to contain infections while vaccinating as many people as possible. While a return to regular life is expected, it is not forecast for some months yet. And, amid all this, the productivity storm looms on the horizon. The 2021 NSW Intergenerational Report forecasts our population in FY2060-61 to be larger, older, and older for longer. There will only be 2.4 working aged people to support each of our retired population, compared to 3.9 today. Without corrective measures, government debt is projected to be 2.6 per cent of gross state product by FY2060-61, excluding debt servicing costs. Importantly, these estimates are based on annual productivity growth of 1.2 per cent – around a third higher than the average pace of 0.9 per cent experienced over the past two decades.
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The fiscal challenge arising from the pandemic will look like small potatoes compared to the impact of growth and ageing. The implication is clear: there will be less money we can throw at infrastructure. We’ll need to get more value out of existing assets. Moreover, new projects will need to be carefully prioritised to provide the greatest benefit to the State. Over the past decade, much has been spent on expanding the reach of our public transport network and servicing previously un-serviced areas. Going forward, we’ll need to focus on consolidating these gains. Initiatives such as More Trains, More Services show how we can use advanced technology and small investments to deliver substantial improvements in service levels. This will also ensure overall network reliability is maintained as the state grows. We’ll also need to think how growth can be accommodated cost effectively while maintaining our unique quality of life. We need to increase housing supply along existing public transport corridors where there is spare capacity within reasonable travel time to 21
jobs. High-potential growth corridors include Sydney Metro – now under construction – and the T4 Eastern Suburbs Line. This approach would also contain road use, limiting congestion, and either delay or avoid the need for new infrastructure. It’s not just the budget bottom line that benefits – households and businesses will have more time for work and leisure activities because they spend less time in frustrating commutes. Providing easy access to jobs and social networks will make Sydney internationally competitive in attracting talent. Of course, this would involve an increasingly consolidated urban form. But the ‘Not In My Backyard’ impulse that often comes with infill growth can be addressed by measures that increase community confidence in the planning system. The NSW Government has already made major gains with integrating infrastructure and land use planning through Planned Precincts and Growth Compacts. My Review of Infrastructure Contributions in New South Wales, delivered in 2020, includes new measures to fund better services and public spaces; delivered with development – not months or years after. Transparency in asset management and investment prioritisation is critical to building public trust in how governments do business. 2021 marks the tenth year of Infrastructure NSW, which implements NSW Gateway Policy for infrastructure through the Investor Assurance Framework. This ensures the entire sequence of project planning and delivery is subject to rigorous, expert scrutiny that defines service needs, manages timing and cost risks, and keeps ministers and agencies on their toes. But more needs to be done.
In the past, governments have announced large projects that capture public attention without going through adequate planning or consideration of alternatives. These announcements tend to be for high profile, high risk projects rather than costeffective investments that address immediate service needs. Consequently, there is a tendency for business cases to support these prior announcements. Governments should ensure proper strategic work, including full options assessment, is undertaken before public expectations are set. Post implementation reviews are also needed to ensure projects deliver their promised benefits and valuable lessons are learned that can improve infrastructure planning and delivery in the future. But process improvements and more housing along rail corridors won’t be enough. Even if we spend responsibly, we cannot build our way out of road congestion. Limitations of Sydney’s geography mean that transport network expansions are physically constrained or require expensive tunnelling. And although it has exacerbated budget pressures, the COVID-19 pandemic has provided us a unique opportunity to change how we use our transportation system. Currently, congestion arises in the morning and afternoon peak, but our roads and public transport system are relatively unused outside of that time. The NSW Electric Vehicles Strategy will, in the medium term, include distance-based charges for cars to replace the inefficient motor vehicle duty. But in the long term, the State would benefit from time-of-day and location-specific road user charging. Governments can capitalise on the rise of remote, flexible work and shift travel demand outside these peak windows. And not just for office workers – the forced staggering of construction work because of caps on the numbers of workers on a construction site show that this is possible for everyone.
For more information please contact John Bransgrove NSW Treasury
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E: john.bransgrove@treasury.nsw.gov.au
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Advising for a better future Australia’s #1 lead adviser on Public-Private Partnerships (PPP)1. At Macquarie Capital, we’re combining innovative advice and specialist green expertise to help our clients support the growing needs of Australians. In South Australia, we advised on Australia’s largest healthcare and project finance green and sustainable loan2 with Celsus and the Royal Adelaide Hospital.
And in Queensland, we advised on the largest green loan financing of a transport PPP, supporting the decarbonisation of Queensland’s public transport system with New Generation Rollingstock. Learn more about how we’re advising for a better future at macquarie.com
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