IN THIS EDITION
1. Melbourne Metro Tunnel - Rail Infrastructure Alliance preferred bidder announced 2. Contract awarded for the $462.5 million Gawler rail electrification Stage 2 3. ACCC delays decision on whether Sydney Transport Partners can bid for Sydney Motorway Corporation
4. Melbourne Airport release Preliminary Draft Master Plan 2018 5. METRONET industry briefing – procurement timeline for Yanchep Rail extension and Thornlie – Cockburn link announced 6. AEMO releases Integrated System Plan for the NEM
7. PBO releases report on the trends affecting the sustainability of Commonwealth taxes 8. Industry news
9. Industry appointments 10. Infrastructure Partnerships Australia news
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1. Melbourne Metro Tunnel - Rail Infrastructure Alliance preferred bidder announced
This week, a consortium comprising John Holland, CPB Contractors and AECOM, alongside Rail Projects Victoria and Metro Trains Melbourne, were announced as the preferred bidders for the $1 billion Rail Infrastructure Alliance (RIA), part of the $11 billion Melbourne Metro Tunnel project.
The announcement of the consortium as the preferred bidder follows the shortlisting of two consortia for the RIA package of works in December last year.
The RIA package of works includes:
design and construction of the tunnel entrances in South Yarra and Kensington; station upgrades; and tunnel, track and signalling works along the Sunbury and Dandenong lines.
Infrastructure Australia added the Melbourne Metro Tunnel as a High Priority Project to the Infrastructure Priority List in January 2017.
Construction on the RIA package of works is expected to commence in late 2018 and be completed in 2025, alongside completion of the Metro Tunnel and Stations Works Package PPP.
The RIA package is the last major contract to be awarded for the Melbourne Metro Tunnel project, following the award of the $6 billion Metro Tunnel and Stations Works Package Public Private Partnership (PPP) to the Cross Yarra Partnership (comprising Lendlease, John Holland, Bouygues and Capella Capital) in December 2017. This is in addition to the $1.1 billion Rail Systems Alliance contract to a Bombardier and CPB Contractors consortium the same month.
Relevant link
Read the Victorian Government's media release
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2. Contract awarded for the $462.5 million Gawler rail electrification Stage 2
The South Australian Government has awarded the $462.5 million Gawler rail electrification Stage 2 project contract to Lendlease, who are currently delivering the $152.5 million first stage of the project.
In its 2017-18 Budget the then South Australian Government committed $242.5 million towards the project, with the Federal Government committing $220 million to the project between FY2019-20 and FY2025-26 in its May 2018 Budget.
Stage 1 of the project between Adelaide and Salisbury is currently underway, while Stage 2 will electrify the rest of the Gawler rail line between Salisbury and Gawler, alongside the purchase of 15 additional three-car trains sets (see Figure 1 – red line).
Figure 1: Overview of Gawler rail electrification project
Source: South Australian Government
The scope of works for Stage 2 of the upgrade includes:
electrification of the Gawler rail line and Dry Creek Railcar Depot; replacement of the signaling system (including Automatic Track Protection provision); construction of an electricity feeder station at Kilburn; pedestrian level crossing enhancement; and fencing of the rail corridor.
The full electrification of the Gawler rail line will be completed by 2020.
Relevant links
Read South Australia and Federal Governments’ joint media release View Gawler rail electrification – Stage 2 on infrastructurepipeline.org
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3. ACCC delays decision on whether Sydney Transport Partners can bid for Sydney Motorway Corporation
This week, the Australian Consumer and Competition Commission (ACCC) delayed its decision on whether Sydney Transport Partners (led by Transurban) can bid for the 51 per cent divestment of Sydney Motorway Corporation (SMC), the owner and proponent of WestConnex.
The ACCC will now hand down its decision on 6 September 2018 to “allow the ACCC sufficient time to consider the competition issues relating to the proposed acquisition.” The competition watchdog was supposed to deliver its decision on 19 July 2018 before final bids on WestConnex were due on 23 July.
The original decision date for the review was 19 July 2018, the ACCC will now hand down its decision on 6 September 2018 to “allow the ACCC sufficient time to consider the competition issues relating to the proposed acquisition.” The ACCC was supposed to deliver its decision on 19 July 2018 before final bids on WestConnex were due on 23 July.
The ACCC has noted that the decision to extend the review to 6 September “may have flow-on impacts for the WestConnex sale process.”
In May of this year, the ACCC published an initial statement of issues in May which identified “preliminary competition concerns” around the proposed acquisition.
The NSW Government first announced that it would proceed with a sale of 51 per cent of SMC in August 2017, with an aim of having the transaction closed by mid-2018.
As of publication, the NSW Government has not indicated whether it will extend the final bid date in response to the ACCCs decision to extend its review timeline.
Read the ACCC’s media release
△ back to top 4. Melbourne Airport release Preliminary Draft Master Plan 2018
This week, Melbourne Airport released their Preliminary Draft Master Plan 2018, outlining the proposed development of the airport out to 2038 and beyond. The Master Plan recommends the development of a third and fourth runway and additional upgrades to airside and landside facilities to accommodate projected growth.
The Draft is a revision of the previous Master Plan approved by the Commonwealth Government in December 2013. The purpose of the Master Plan, as a statutory document, is to detail planning initiatives for the airport site, providing clear direction for development of the airport and associated facilities.
As Australia’s largest curfew-free airport, the Draft forecasts strong passenger (see Figure 2) and freight air services demand growth out to 2037-38, with passenger growth expected to nearly double over this time to 67 million passengers.
Figure 2: Melbourne Airport passenger forecast to 2038
Source: Melbourne Airport
The airport's annual freight task, which currently caters for about 30 per cent of Australia’s air freight, is also expected to almost double over the same period to 900,000 tonnes per year by 2038.
Over the next five years Melbourne Airport plans to fully implement the Runway Development Plan (RDP) which comprises a new parallel east-west runway and an extension of the existing east-west runway.
The Draft notes that previous improvements in operating efficiencies at Melbourne Airport have delayed the need for the third runway to be developed by over 10 years. However, the Draft states that further efficiency improvements could no longer delay the need for a third runway at Tullamarine, with the third runway expected to be operational between 2022 and 2024.
Key infrastructure initiatives to be delivered by 2038 include:
expanding terminal facilities south of the existing Terminal 4 Precinct including a new terminal pier expansion (Terminal 5); further expanding the internal road network and main forecourt; creating new and expanded pier facilities to the existing terminals; relocating freight activity to the Southern Freight Apron; developing wide-body aircraft parking positions in the midfield; and completing stages 3 and 4 of the elevated road network.
The Draft states that the proposed Melbourne Airport Rail Link is envisaged to be operational by 2038 (shown as the dark blue line in Figure 3 and 4) with land to “be safeguarded for ground-based transport access, including future rail connections.”
Figure 3: 2038 Development Concept Plan
Source: Melbourne Airport
Beyond 2038, Melbourne Airport will look to develop a fourth runway parallel to the existing north-south runway, and a sixth terminal and related airside facilities in the midfield development area. Further, land on the western side of the airport has been safeguarded for future aviation development, with the Draft noting development of west and middle areas of the airport would require additional transport access from existing roads to the north or west of the airport.
The proposed road network upgrades around the airport are depicted in Figure 4, with the Melbourne Airport Link, Bulla Bypass and Calder Freeway upgrade expected within the next two decades. While not expected in the near term, Melbourne Airport anticipates the Calder Freeway to Hume Highway section of the proposed Outer Metropolitan Ring Road would be considered a priority by the Victorian Government.
Figure 4: Future road network access
Source: Melbourne Airport
The Draft states Melbourne Airport will continue to work with the Victorian Government and private operators to improve the access to Melbourne Airport.
Public submissions on the Preliminary Draft Master Plan are due by 8 October 2018. Following consideration of submissions, a Draft Master Plan is expected to be provided to the Commonwealth Transport and Infrastructure Minister for consideration in December 2018.
Relevant links
Read the Melbourne Airport Preliminary Draft Masterplan 2018 View Melbourne Airport Third Runway on infrastructurepipeline.org View Melbourne Airport Rail Link on infrastructurepipeline.org
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5. METRONET industry briefing – procurement timeline for Yanchep Rail extension and Thornlie – Cockburn link announced
On Wednesday, the Western Australian Government hosted an industry briefing for the State’s major public transport programme, METRONET. Key to the briefing was the announcement of procurement strategy and timeline for the Yanchep Rail Extension and Thornlie – Cockburn Link, which will be delivered together under one contract as announced earlier this month.
Stage 1 of the METRONET programme will significantly expand Perth's heavy rail network through a series of new lines, and extensions of existing ones.
The industry briefing outlined that the main works for the Yanchep Rail Extension and Thornlie-Cockburn Link will be delivered as a single Alliance contract, with early works for each project to be delivered under separate design and construct contracts.
As shown in Figure 5, procurement for the Alliance contract will begin in August 2018, with a shortlist to be announced in late-2018 and the contract to be awarded by mid-2019. The WA Government previously stated that construction would commence on both projects in 2019 and be completed by 2021.
Figure 5: Indicative Procurement timeline
Source: WA Government
The WA Government acknowledged in documents used at the briefing that there are currently resource constraints across the nation. It noted that the availability of skilled resources and contractor capacity was a key consideration in how the works package for the project has been developed.
The briefing also provided an update on other projects included in Stage 1 of METRONET, with the majority still in the business case development stage (as shown in Figure 6). Key details included:
the process to develop the business case for the Morley – Ellenbrook Line has started, with the next step to submit a Stage 1 Project Definition Plan to Infrastructure Australia for assessment; various contracts for the Byford Extension are expected to be awarded in the coming months, with the business case tender process starting in June 2018; and the business case for the Midland Station and line extension is expected to be completed by late-2018.
Figure 6: METRONET Stage 1 project statuses
Source: WA Government
Relevant links
Read the METRONET Industry briefing presentation View METRONET on infrastructurepipeline.org
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6. AEMO releases Integrated System Plan for the NEM
This week, the Australian Energy Market Operator (AEMO) released its Integrated System Plan (ISP) for the National Electricity Market (NEM). The ISP suggests that renewable generation with storage capacity will replace retiring coal plants and identifies a portfolio of cost efficient investments in the transmission network over the near to long term.
The ISP builds on the work of AEMO’s annual National Transmission Network Development Plan and was recommended by the Independent Review into the Future Security of the NEM (the Finkel Review) regarding the need for a strategic national plan. According to AEMO, the ISP is “not the end of the process, but rather the first of many steps, with updates in future years to reflect the dynamically changing nature of the power system and the need to continually innovate and evolve strategies for the future”.
AEMO’s analysis makes several observations regarding fundamental changes occurring in the energy sector. The ISP forecasts that economic and population growth, as well as uptake in electric vehicles and associated growth in demand for power, does not necessarily result in increased grid demand. Instead, AEMO's forecasts see grid demand flattening due to increases in energy efficiency, rooftop solar, and the use of local storage. However, this contrasts with other market forecasts that see grid demand increasing as a result of the rise in electric vehicle uptake.
The ISP also highlights that approximately 30 per cent of existing coal generation will be approaching the end of their technical lives and will likely be retired over the next 20 years. Figure 7 below shows announced or expected closures of coal plants to 2040. Over the same time period, it is expected that the cost of renewables will continue to decline, and storage technologies will increasingly become core components of a low cost, reliable energy system.
Figure 7: NEM coal-fired generation fleet retirements to 2040
Source: AEMO
The ISP demonstrates that the least-cost transition plan is to retain existing resources for as long as they are economically viable. However, when these resources retire, economic modelling shows that they can be replaced with a portfolio of utility-scale renewable generation, storage, distributed energy resources (DER), flexible thermal capacity, and transmission.
According to AEMO, the total investment required to replace the retiring generation capacity and meet consumer demand has a Net Present Value (NPV) cost of between $8 billion and $27 billion. However, by spending eight per cent to 15 per cent of this total capital investment on transmission rather than generation, efficiency gains are achievable.
To this end, AEMO has determined the optimum immediate investments and future development opportunities for transmission. The central recommendation of the ISP is a three-stage development of the transmission network that includes:
near-term construction to maximise economic use of existing resources, reduce congestion for existing and committed renewable energy developments and improve system strength in South Australia; medium-term developments (mid-2020s) to enhance trade between regions, provide access to storage, and support extensive development of Renewable Energy Zones (REZs); and longer-term developments (mid-2030s) to support REZs and system reliability and security.
Highlighting the importance of transmission to the future of the NEM, Audrey Zibelman, AEMO's Chief Executive Officer, stated that "the reality of the NEM is that the energy sector is strengthened by an approach that allows regions to work together to take advantage of diversity and size to deliver the best outcome for consumers".
AEMO will be commencing consultation on the ISP, with supporting documentation to be published and an extended workshop to be held with stakeholders. Relevant links
Read AEMO’s Integrated System Plan
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7. PBO releases report on the trends affecting the sustainability of Commonwealth taxes
This week, the Parliamentary Budget Office (PBO) released a report, titled Trends affecting the sustainability of Commonwealth taxes. The report examines the broad trends within the Commonwealth tax system since FY2001-02 and the risks they present looking forward, including material decline in fuel excise and company tax receipts.
The report finds that since FY2001-02, the most significant overall changes in tax receipts as a share of GDP have been:
a fall in fuel excise receipts, driven by the previous freeze to indexation arrangements, ongoing improvements in fuel efficiency, and the projected increased uptake of electric vehicles (EVs); a fall in company tax receipts as investment has become more concentrated in capital intensive industries, which have higher losses that are carried forward; and a fall in customs receipts as free trade agreements and other tariff changes have come into effect.
Figure 8: Change in tax receipts as a share of GDP (FY2001-02 to FY2015-16)
Source: PBO report
Fuel excise, which makes up five per cent of Commonwealth receipts, has significantly declined due to improvements in fuel efficiency. Excise on petrol and diesel makes up the main component of fuel excise, which is currently levied at a rate of 40.9 cents per litre.
According to the report when the GST was introduced in 2000, the fuel excise rate was reduced by 15 per cent and reduced by an additional four per cent in 2001 when the bi-annual indexation of fuel excise rates was abolished. Although indexation of fuel excise rates was re-introduced in 2014, fuel excise has continued to decline, falling from 1.6 per cent of GDP in FY2001-02 to one per cent in FY2016-17.
The main contributor to the decline in fuel excise is the increase in efficiency of passenger vehicles, which is putting downward pressure on the growth in quantity of private fuel consumption. For example, the average fuel consumption per passenger vehicle in 2001 was 11.4 litres per 100 kilometres, however by 2016 this declined to 10.6 litres per 100 kilometre.
The report recognises that an increase in the uptake of EVs will further erode the fuel excise base. While EVs currently only make a small proportion of the market, the report warns that under the Australian Energy Market Operator’s (AEMO) neutral scenario for electricity consumption, EVs are projected to represent around 19 per cent of light vehicle fleet in Australia by FY2036-37. The PBO's analysis on declining fuel excise receipts aligns with Infrastructure Partnerships Australia’s own analysis, however the report does not provide any recommendations around the need to introduce a road user charging mechanism to arrest the decline.
On company tax, which makes up 11.9 per cent of Commonwealth receipts, the report notes substantial fluctuation, and overall decline as a share of GDP. Despite company profits increasing since FY2001-02, company tax receipts have been constrained due to increased depreciation deductions and the utilisation of carried forward losses.
Reductions in the statutory company tax rate since the 1980s have been implemented alongside base-broadening measures, such as reductions to tax concessions and improvements to compliance. These measures have largely offset the impact of statutory company tax rate reductions, resulting in the effective tax rate not following the same downward trend as statutory tax rate.
The report notes that company tax receipts have been adversely affected by increasing cross-border activities by multinational companies, which minimises tax liabilities across jurisdictions and can contribute to the erosion of the tax base.
The report recognises that mechanisms such as the OECD and G20’s Base Erosion Profit Shifting (BEPS) framework as well as Australia’s Diverted Profit Tax (DPT) and Multinational Anti Avoidance Legislation (MAAL) are attempting to address the issue of tax base erosion due to cross-border activity. Additionally, the report warns that changes to company tax policy and legislation tend to increase the uncertainty faced by companies.
Looking forward, the report notes that, based on recent trends and current policy, the coming decade is likely to see further changes to tax receipts, including:
a decrease in company tax receipts due to policy changes. Although this could have a counteracting positive effect as losses carried forward in the resources industry are exhausted; an increase in personal income tax receipts due to ongoing bracket creep; and ongoing decreases in various consumption tax receipts (for example, GST and other import tariffs). This fall is attributed to changes in consumer behaviour and technology.
Read PBO’s Trends affecting the sustainability of Commonwealth taxes
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8. Industry news Alstom has been awarded a 15-year maintenance contract by Metro Trains Sydney (comprising MTR, John Holland, and UGL) for the Sydney Metro – Northwest line. Under the contract, Alstom will maintain 22 six-car metro trains, signalling systems, and be responsible for operation and maintenance of the depot. Alstom is expected to begin mobilising its teams for the contract in 2018, ahead of the metro line being operational in the first half of 2019.
Arup has been appointed by Transport for NSW to undertake investigation work for Stage 2 of the Parramatta Light Rail project. Arup has also worked with Transport for NSW on Stage 1 of the project which is presently under procurement.
The Victorian Opposition has committed $225 million towards the $450 million electrification of the Frankston line from Frankston to Baxter, if elected in November 2018. The upgrade will also include new stations at Frankston East and Langwarrin. The Federal Government also committed $225 million towards the project in its May Budget.
Work is now complete on Stage 1 of the Monash Freeway Upgrade in Melbourne. The $711 million Stage 2 of the upgrade is expected to commence in 2019 and be completed by 2022.
IFM Investors has released full year results for FY2017-18, with $107 billion in funds under management (FUM). This represents an increase in FUM of 15 per cent compared to FY2016-17.
The South Australian Government and SA Water have announced four shortlisted proponents to tender for the installation of 500,000 solar panels across 93 of SA Water's sites. The project is expected to generate 154 megawatts (MW) of new solar generation and 34MW hours of energy storage. The contract is expected to be awarded in the coming months with work expected to be completed by 2020.
Morgan Stanley has released financial results for the second quarter of FY2018 (US) recording revenues of US$10.6 billion (A$14.27 billion) for the quarter. This represents an increase in revenue of US$1.1 billion (A$1.48 billion) compared to the second quarter of FY2017 (US).
Metro Trains Melbourne (comprising MTR, John Holland, and UGL Rail) delivered 99.1 per cent of trains services across Melbourne's rail network in June, with 92.6 per cent running on time. These results exceed the contractually required benchmarks under the franchising agreement with the Victorian Government.
CIMIC has released financial results for the six months to 30 June 2018, recording a net profit after tax result (NPAT) of $363 million. This represents a 12 per cent increase to NPAT compared to previous results.
New Zealand's Productivity Commission (NZPC) will hold an inquiry into local government funding and financing arrangements. As part of the inquiry the NZPC will review current frameworks for capital investments including cost-benefit analysis, incentives, and oversight of decision making, as well as options for new funding and financing tools.
The NSW Government has commenced a Request for Proposal (RFP) process for a $20 million social impact investment aimed at assisting individuals at risk of homelessness. Outcomes being sought include sustained housing security at six, 12 and 24 month intervals, as well as improved employment and justice outcomes. The NSW Government will co-design proposals with interested parties, with contracts expected to be signed by the end of 2018. View more detail on the RFP process HERE.
Building Queensland and SunWater have released a request for information on potential water use requirement as part of the development of a detailed business case for the Nullinga Dam and other options project. The request for information closes on 3 August 2018.
One thousand drivers in Western Sydney and regional NSW will have a telematics device installed in their vehicles which will record and rate driver behaviours across metrics such as speed, acceleration, breaking, and turning. The State Insurance Regulatory Authority is running the six-month trial in conjunction with the NSW Centre for Road Safety, with participants to receive $100 via the NSW Green Slip Scheme for their participation.
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9. Industry appointments
David Gonksi AC will join the board of Sydney Airport as a non-executive Director in late September 2018. Mr Gonski is also the current Chairman of ANZ and Chancellor of UNSW.
The Federal Government will appoint Michael Brennan as Chair of the Productivity Commission for a five-year term from 11 September 2018, replacing Peter Harris AO. Mr Brennan is currently Deputy Secretary, Fiscal Group at the Federal Treasury.
MinterEllison has appointed 18 new Partners in Australia, including Jeanette Barbaro (Melbourne), Edward Campbell (Canberra), Andrew Hales (Sydney), and Rachel McNaught (Sydney) in the firm's infrastructure, construction and property group. You can view the full list of new appointments HERE.
NAB has appointed Geoff Lloyd as CEO of MLC, effective from September 2018. Mr Lloyd was most recently CEO and Managing Director of Perpetual.
The ACT Government has appointed George Tomlins as Acting Chief Engineer of the ACT. Mr Tomlins has been appointed to the role for an initial six-month term while an Expression of Interest process is conducted for a permanent appointment to the role.
Brian Corban has been appointed as Deputy Chair of KiwiRail by the New Zealand Government, replacing Trevor Janes. Mr Corban is a former Deputy Chair of the NZ Railways Corporation. Peter Reidy is also stepping down as CEO of KiwiRail to take up a role as CEO of Fletcher Construction.
David Solomon has been appointed as Chief Executive Officer of Goldman Sachs, replacing Lloyd Blankfein. Mr Solomon was most recently President and Chief Operating Officer of Goldman Sachs.
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10. Infrastructure Partnerships Australia news
Tax Taskforce
Infrastructure Partnerships Australia will be holding a Tax Taskforce with Paul McCullough, Division Head, Corporate and International Tax Division - Revenue Group, The Treasury and Roger Brake, Division Head, Foreign Investment Division - Markets Group, The Treasury.
Date: Wednesday, 1 August Time: 12:30pm – 2:00pm Venue: DLA Piper, Level 22, 1 Martin Place, Sydney
Mr McCullough and Mr Brake will be attending in Sydney.
To register for the Tax Taskforce, please email Katie Aherne HERE
SIPS Taskforce
Infrastructure Partnerships Australia will be holding a Social Infrastructure & Public Services (SIPS) Taskforce with Rob Koczkar, Chief Executive Officer, Social Ventures Australia.
Date: Monday, 13 August Time: 2:30pm – 4:00pm
Venue: Corrs Chambers Westgarth, located in: Brisbane - Level 42, 111 Eagle Street Melbourne - Level 25, 567 Collins Street Sydney - Level 17, 8 Chifley, 8-12 Chifley Square
Mr Koczkar will be attending in Sydney.
To register for the SIPS Taskforce, please email Katie Aherne HERE
Water Taskforce
Infrastructure Partnerships Australia will be holding a Water Taskforce with Roch Cheroux, Chief Executive Officer, SA Water.
Date: Tuesday, 14 August Time: 10:30am – 12:00pm Venue: PwC offices, located in: Brisbane - 480 Queen Street Melbourne - 2 Riverside Quay , Southbank Sydney - Level 17, One International Towers, Watermans Quay, Barangaroo
Mr Cheroux will be attending in Sydney.
To register for the Water Taskforce, please email Katie Aherne HERE
Energy Taskforce
Infrastructure Partnerships Australia will be holding an Energy Taskforce with Dr Michael Vertigan AC, Independent Chair, Gas Market Reform Group, Council of Australian Governments, Energy Council.
Date: Tuesday, 4 September Time: 2:30pm – 4:00pm Venue: Herbert Smith Freehills, located in: Brisbane - Level 31, 480 Queen Street Melbourne - Level 42, 101 Collins Street
Sydney - Level 34, ANZ Tower, 161 Castlereagh Street
Dr Vertigan will be attending in Sydney.
To register for the Energy Taskforce, please email Katie Aherne HERE
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