WED 7 MAY 2014
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Depression Recovery Program see page 3
Show us the money Calls for bigger slice of $1.75 billion port lease cash to remain in Newcastle Rolling Stones Rock legends to hit the Hunter
Honouring Tony Tamplin p.5
A-League appointment Newcastle Jets name new coach p.33
AMELIA PARROTT
@amelia_parrott
T
he le asing of t he Por t of New castle m ay have generated $1.75 billion to be invested in S tate i nfrastructure, bu t u ncertainty remains over whether Newcastle will see a fair share of the funds. NSW Premier, Mike Baird and Treasurer, Andrew Constance last week announced the port would be leased t o a c onsortium f or $ 1.75 bi llion, $ 1 bi llion above the expected lease price, which has led some to ask why Newcastle will pocket just $340 million from t he le ase of one of t he c ity’s mo st v aluable assets. N ewcastle Lo rd M ayor, J eff M cCloy s aid Newcastle should receive half of the proceeds. “When t he NS W G overnment a nnounced i t planned to lease the Port of Newcastle, it projected a lease value of a round $700 million and committed to c hanneling $340 m illion - roug hly h alf t he full amount - to Newcastle upon leasing,” he said. “With t he ac tual le ase a mount a nnounced by [ the] NS W G overnment, more t han a bi llion dollars a bove t he proje ction, [ I] e xpect t he NS W Government t o pro vide t he s ame prop ortional amount - that is roughly half - of the $1.75 billion to Newcastle and the Hunter Valley. “Our c oal r oyalties, p ort r evenue, p ower an d water utilities revenue were taken up by a s uccession of NS W s tate g overnments o ver de cades, largely f or e xpenditure i n Sy dney, w ithout a f air and proportionate return to the Hunter.” Story continues on » p. 3
NSW Premier, Mike Baird at the Port of Newcastle
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