Expansion of Melbourne Ports
 "Expansion of Melbourne Ports")
Expansion of Melbourne Ports
The Port of Melbourne, Australia's busiest container port, has secured a significant deal with the Victorian Government to lease approximately 29 hectares of land from the former Melbourne Markets site until 2066. The strategic expansion, that is the largest since the port's long-term lease began in 2016, is expected to enhance supply chain efficiency and resilience in South Eastern Australia. The port plans to invest over $200 million in developing the site, which will be integrated into the Port precinct to support forecasted growth in container volumes. This supports a $36 billion freight sector that employs over 260,000 Victorians.
Port of Melbourne CEO, Saul Cannon emphasises the importance of this development, as container volumes are expected to double by 2050 in which this expansion is critical for the future needs of Victoria. The Port of Melbourne intends to develop the site for various purposes, including truck parking facilities and container storage. The project aligns with the Victorian Government's 2018 Freight Plan, aiming to improve traffic flow and support the West Gate Tunnel project.
Victorian Minister for Ports and Freight, Melissa Horne, highlighted that the deal will boost trade, strengthened supply chains and take trucks off local roads. This significant expansion of the Melbourne Ports will redefine the movement of freight and enhance operations between all ports across Australia. This transaction is expected to be finalised by the end of 2024.
