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IN THIS EDITION

1. Request for Tender opens for Sydney’s Inner West bus operations 2. Shortlisted bidders announced for Southern Program Alliance 3. AEMC releases retail energy competition review; highlights increased level of competition under threat by higher wholesale costs

4. Infrastructure Australia determines Cross River Rail costs exceed benefits; adds Sydney Metro City & Southwest and Armadale Road upgrade to Infrastructure Priority List 5. Changes to Public Private Partnership guidelines set to lower bid costs and encourage innovative solutions for infrastructure projects 6. NSW maintains lead in CommSec’s State of the States, Victoria reclaims second place as the ACT falls to third

7. Industry News 8. Industry Appointments 9. IPA News

1. Request for Tender opens for Sydney’s Inner West bus operations

This week, the NSW Government opened the competitive tender process for operations of the Inner West bus services in Sydney. The Request for Tender is due to close in the fourth quarter of 2017, with a new operator to be in place by July 2018.

Bus Region Six services the inner western and south western suburbs from Sydney’s CBD west to Strathfield and Olympic Park, and is currently operated by the NSW State Transit Authority (STA).

The NSW Government has previously cited the continued poor STA service and the higher performance of private operators of other public transport services as key reasons for the decision, which will see industry compete for the contract every five to 10 years.

The move follows recent reports from the Audit Office of NSW, including the 2015 Sydney Metropolitan Bus contracts report, finding that the STA consistently underperformed compared to private operators in punctuality and overall customer satisfaction indicators.

Currently, STA, operating as Sydney Buses, services four metropolitan contract regions (contracts six to nine) in the Sydney metropolitan area while private operators service the other 10 contract regions (see Figure 1).

Figure 1: Bus Contract Regions

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Source: Audit Office of NSW, 2015

STA bus operators are exempt from financial penalties imposed on private operators by the NSW Government for failing to meet punctuality targets, which removes the incentive to maintain service standards.

Franchise agreements in public transport have been used successfully across several sectors in Australia, with Sydney Ferries and Victoria’s train and tram services improving their reliability and punctuality performance benchmarks since becoming privately operated.

NSW Minister for Transport and Infrastructure, Andrew Constance has confirmed that the NSW Government will retain its role in regulating timetables, routes and bus stops, as well as safety and operational standards. Additionally, the NSW Government will continue to own all Region Six assets and be responsible for setting Opal fares.

Read more about Inner West Bus Services on ANZIP HERE

Read the NSW Government’s media release HERE

2. Shortlisted bidders announced for Southern Program Alliance

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The Victorian Government has announced the two shortlisted consortia for the first package of works of level crossing removals on the Frankston Line in Carrum and Seaford, part of the Southern Program Alliance. The contract is expected to be awarded by December 2017 with works due to start in 2018.

The Southern Program Alliance involves the removal of eight level crossings along the Frankston Line in Melbourne’s southwest. The first package of works in Carrum and Seaford comprises four of the eight level crossing removals. The two consortia shortlisted are:

 CPB Contractors and Aurecon; and  Lendlease, Acciona, Coleman Rail and WSP.

The first package of works will include the removal of level crossings at Seaford Road, Seaford (shown in Figure 2) and Mascot Avenue, Station Street and Eel Race Road in Carrum. Other works will be completed in conjunction with the level crossing removals including:

 a new station at Carrum;  relocating Carrum train storage facility to a purpose built facility near Kananook station;  a new road-bridge over Patterson River connecting Station Street; and  rail systems and power upgrades.

Figure 2: Seaford Road, Seaford

Source: Level Crossing Removal Authority

The first package is expected to revitalise Carrum village with improved beach access and a village square to be built around a new Carrum Station. It also includes a $10 million package for new landscaping, walking and cycling paths with an upgrade to R.F. Miles Reserve in Seaford.

The contract for the first package of works is expected to be awarded by December of this year, with works expected to start at the Seaford Road and the Station Street Bridge in 2018.

Under the Program Alliance Model, if the successful tenderer satisfies the performance criteria on the first package of works they will retain the contract to deliver the remaining level crossing removals in the Southern Program Alliance at:

 Charman/Park Road, Cheltenham;  Balcombe Road, Mentone;  Edithvale Road, Edithvale; and  Station Street/Bondi Road, Bonbeach.

The Southern Program Alliance is one of the last remaining packages of the circa $6.9 billion Level Crossing Removal project, removing a total of 50 level crossings across Victoria.

Read more about the Level Crossing Removal Project on ANZIP HERE

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Read the Victorian Government’s media release HERE

3. AEMC releases retail energy competition review; highlights increased level of competition under threat by higher wholesale costs

This week the Australian Energy Market Commission (AEMC) released its fourth annual review of the state of competition in retail energy markets across the National Electricity Market (NEM). The review highlights the importance of information access for consumers to take advantage of increased competition in the market, but notes that continued policy uncertainty is driving up wholesale costs and dampening the benefits of retail competition.

The 2017 Retail Energy Competition Review was undertaken at the request of the Council of Australian Governments (COAG) Energy Council. Consumer research assessed retail competition in electricity and gas markets for all NEM jurisdictions, drawing on FY 2016/17 data. Research involved a quantitative survey of 2,147 residential and 550 small business customers across the NEM.

Currently, an influx of new smaller retailers are entering the market forcing existing retailers to become more competitive on price, and more innovative with new technologies. The review points out that consumers have increasingly more choices and are looking to take up new technology such as solar panels and battery storage.

The review makes a number of recommendations to take advantage of competition and improve customer outcomes. The main emphasis is on increasing information access to improve customer awareness and confidence in the options that are available to manage energy bills. The AEMC states that “customers today have more options to manage their energy use, but for most people, understanding the details of energy plans and new energy products and services is low”.

The fundamental argument behind what is driving energy prices is centred on issues affecting the generation and wholesale energy market. Significant failure around energy policy at both the state and federal level has resulted in a decline in investment – coupled with the closure of large coal-fired power stations – putting upward pressure on wholesale prices.

Another contributing factor is the increased demand for gas exports. Wholesale prices have been driven up by rising gas prices and according to the AEMC, this is partly due to the fact that “largely isolated point-to-point pipelines have developed into an interconnected network and gas demand has increased to supply LNG exports”.

The AEMC makes the strong link between price deregulation in the market and increased competition. However, the review notes that higher wholesale costs are driving up retail prices, which in turn are diminishing the benefits of competition. Rising wholesale costs are also due to the increasing cost of hedging contracts – as generators are reluctant to provide contracts given the current energy policy uncertainty.

More specifically, the AEMC states that “a lack of liquidity in the contract market is creating a barrier to retailer entry and expansion”. This creates a significant risk to competition, potentially offsetting the current trend of decreasing market concentration through second tier retailers.

The review also found that retailer gross margins are similar between the big three retailers (AGL, Origin Energy and Energy Australia) and smaller second tier retailers in both NSW and Victoria. The Australian Competition and Consumer Commission (ACCC) is undertaking further work to investigate the differences in retailer costs across different jurisdictions to better interpret gross margins. This work forms part of the ACCC’s inquiry into retail electricity supply and pricing. A series of public forums are currently being held across Queensland, SA, Victoria and NSW. The ACCC’s preliminary report is due to the Treasurer by September 2017, with the final report to be handed down in June 2018.

Read the 2017 Retail Energy Competition Review HERE

Read the ACCC's electricity supply and prices inquiry HERE

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4. Infrastructure Australia determines Cross River Rail costs exceed benefits; adds Sydney Metro City & Southwest and Armadale Road upgrade to Infrastructure Priority List

On Thursday Infrastructure Australia (IA) released its evaluation of the current Cross River Rail (CRR) proposal, citing several concerns with the business case and stating the Benefit Cost Ratio (BCR) of the project is likely to be less than one, so CRR remains as a High Priority Initiative on the Infrastructure Priority List, rather than progressing to Project status. Earlier this week, IA added Sydney Metro City & Southwest and the Armadale Road upgrade to the List.

IA’s evaluation of the business case follows the Federal Government’s announcement in the 2017-18 Federal Budget that CRR has the potential to be supported through the National Rail Program, subject to a positive business case.

Philip Davies, the Chief Executive of IA summarised his agency’s evaluation, stating that, “we have reached the conclusion that the benefits of the proposed project, as set out in the business case, are significantly overstated, and that the costs of the project as currently presented are likely to exceed its benefits”.

IA cited several material concerns with the CRR business case, including a finding that the projected rail patronage growth in the business case is unrealistic, with a growth rate seven times faster than Brisbane’s decade average and over double the speed of growth for comparable projects in larger Australian cities. IA also raised concerns about:

 quantification of the project’s projected benefits, which appear to substantially overstate the benefits expected to accrue to road users;  benefit growth projections for the project, particularly beyond the modelled years. These are far higher than those for relevant benchmark projects; and  the timing of the project, given evidence that the flow of benefits from the project in its initial years of operation would be very low.

These concerns are summarised in IA’s dismissal of the Business Case’s BCR of 1.4, stating that due to the concerns raised the BCR “is likely to be less than one”.

As a consequence of the evaluation not approving the current business case, IA has kept CRR as a ‘High Priority Initiative’ on its Infrastructure Priority List. Only projects with an approved business case can be progressed to ‘Project’ status on the List.

The proposed CRR project, shown in Figure 3, involves the delivery of 10.2 kilometre north-south rail link between Bowen Hills and Dutton Park comprising:

 a 5.9 kilometre tunnel under the Brisbane River and CBD; and  four new stations at Boggo Road, Woolloongabba, Albert Street and Roma Street.

Figure 3: Proposed Cross River Rail

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Source: Infrastructure Australia

The Queensland Government committed to fully fund CRR in their 2017/18 Budget, but stated that the project was expected to attract Federal Government contributions and proceeds from commercial funding sources.

Earlier this week IA released the July 2017 edition of its Infrastructure Priority List, which saw Sydney Metro City & Southwest and Armadale Road upgrade added as High Priority and Priority Projects respectively, following the completion of project evaluations. IA’s evaluations of the two projects show both as having positive business cases, with BCRs of 1.3 and 4.2 respectively.

The addition of Sydney Metro City & Southwest and Armadale Road upgrade brings the total number of projects on the Infrastructure Priority List to 20, with eight High Priority Projects and 12 Priority projects listed. No new Initiatives were added in the July 2017 edition of the list.

Interestingly, the Perth Freight Link remains as a High Priority Project on the list despite its cancellation by the newly elected WA Government in May.

Sydney Metro City & Southwest

The $12.5 billion Sydney Metro City & Southwest is Australia’s largest public transport project, comprising the construction of a new 30 kilometre metro line from the end of Sydney Metro Northwest at Chatswood under Sydney Harbour, through the CBD to Bankstown in Sydney’s southwest.

Figure 4: Sydney Metro City & Southwest

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Source: Infrastructure Australia

In evaluating Sydney Metro City & Southwest as a High Priority Project, IA indicated it was confident the “project will provide a net benefit to the Australian economy” and pointed to Sydney Metro’s revised economic analysis in May 2017 finding a BCR of 1.3 that rises to 1.7 when including Wider Economic Benefits (WEBs).

The project is currently under procurement with a number of works packages currently out to tender, including:

 Southwest Station and Corridor works (SSC);  Central Station Main works (CSM); and  Sydenham Station and Junction works (SSJ).

The $2.81 billion Tunnels and Stations contract was awarded to a John Holland CPB Ghella Joint Venture in June 2017. The tender process for the Stations, Mechanical and Electrical (STME) contract is expected to begin in the second half of 2017.

Armadale Road upgrade

The $145 million Armadale Road upgrade was announced, along with a number of other road improvement projects, by the new WA Government upon the cancellation of the Perth Freight Link (PFL) contract, with $116.3 million in Commonwealth funds intended for PFL redirected towards the upgrade. The Metropolitan Road Improvement Alliance, formerly the Roe 8 Alliance comprising CPB Contractors, Georgiou, WA Limestone, GHD, AECOM and BG&E, was awarded the Armadale Road upgrade as part of the PFL contract cancellation.

The upgrade comprises widening 6.9 kilometres of Armadale Road between Tapper Road and Anstey Road from two lanes to four lanes along with intersection upgrades and new pedestrian and cycling facilities. The upgrade will result in Armadale road being dual carriageway standard from Armadale to the Kwinana Freeway.

IA’s evaluation of the project as a Priority Project is supported by a relatively high BCR of 4.2 resulting in strong confidence from IA the project will deliver overall benefits.

The upgrade is currently in detailed design phase with WA Main Roads anticipating construction to begin in late 2017.

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View Cross River Rail on ANZIP HERE

View Sydney Metro on ANZIP HERE

View Infrastructure Australia’s media release HERE

View Infrastructure Australia’s July 2017 Infrastructure Priority List HERE

5. Changes to Public Private Partnership guidelines set to lower bid costs and encourage innovative solutions for infrastructure projects

This week the NSW Government announced a number of changes to the Public Private Partnership (PPP) Guidelines, the changes focus on reducing bid costs for industry and providing more scope for innovative proposals. The NSW Government has streamlined the process of engagement for all government agencies, allowing for greater transparency around requirements and approvals.

The revised 2017 guidelines provide an update to the 2012 NSW PPP Guidelines. The guidelines broadly define PPPs as “long-term arrangements between the public and private sector for the delivery of service enabling public infrastructure”.

Currently, PPP procurement by any NSW Government agency needs to comply with:

 the National Public Private Partnership Policy and Guidelines; and  NSW specific requirements in the NSW Public Private Partnership Guidelines, as updated from time to time.

In NSW, any public infrastructure project with a total estimated capital value exceeding $100 million must be assessed for possible PPP procurement.

Key updates to the guidelines include:

Greater detail across all project phases

This takes into account initial business case development, through to key procurement phases and contract management (construction delivery and ongoing operations). There is also a clearer requirement to involve NSW Treasury in all project phases to facilitate project delivery and management of contractual issues.

Improved consistency in procurement processes

This includes the requirement for all government agencies to use the ‘PPP Toolbox’, which comprises a suite of templates and pro-forma documents for preparing and disseminating relevant material. The refined procurement process is designed to improve efficiency in order to minimise bid costs.

Stronger emphasis on required project outcomes

The guidelines provide better direction on value for money bid evaluation based on a detailed assessment of quantifiable and non-quantifiable benefits, costs and risks. This will assist in delivering greater scope for innovation in how outcomes are achieved, giving appropriate regard to the allocation, management and mitigation of risks.

Clarity around overlaps with the Unsolicited Proposals Guide

Unsolicited proposals for a new PPP concession need to be assessed under the Unsolicited Proposals Guide and the NSW PPP Guidelines, although variations to existing PPPs will be treated as contract variations if the existing contract provides for variations or if there is no new infrastructure or service.

The revised guidelines are effective immediately and reflect NSW-specific approval and legislative requirements.

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Read the revised NSW PPP Guidelines 2017 HERE

6. NSW maintains lead in CommSec’s State of the States, Victoria reclaims second place as the ACT falls to third

NSW continues to lead as Australia’s strongest performing economy for the twelfth consecutive quarter on the back of the strongest retail trade and dwelling starts in the country. Victoria has reclaimed second position from the ACT on the back of a weaker ACT employment market, although there is little to separate the two jurisdictions.

The CommSec State of the States report is released quarterly and analyses the performance of each state and territory against their respective 10-year averages across eight key indicators:

 economic growth;  retail spending;  business investment;  unemployment;  construction work completed;  population growth;  housing finance; and  dwelling commencements.

As Figure 5 highlights, NSW has kept its position as the top performing economy for the March quarter, performing second on five of CommSec’s eight indicators. Victoria had the second strongest economy due to strong population growth figures, with the ACT’s decline a result of a weakened employment market. Queensland has jumped to fourth due to strong export growth, equal with Tasmania which has not changed rank since the last quarter. SA jumped to sixth on the back of strong business investment, while the NT ranked seventh and WA remained in eighth spot.

Figure 5: CommSec State of the States report rankings

Source: CommSec

The report highlights that NSW continues to the lead country, with the ACT and Victoria also performing above national- averages on seven out of eight indicators.

The NT has maintained its lead over NSW in terms of economic growth, with growth 29.4 per cent above its decade-

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average. NSW was second with economic growth at 25.3 per cent above decade-average, just ahead of the ACT which was 25.2 per cent higher than the decade-average. In annualised terms, the NT had the fastest nominal growth rate at 10.4 per cent, with the ACT at 7.3 per cent and NSW at 6.9 per cent.

On construction work completed, the NT is leading the nation with levels at 29.4 per cent above its decade-average. Victoria, NSW, the ACT and Tasmania all recorded construction completions above decade-average levels. All other jurisdictions had below decade-average construction completions for the March quarter.

In annualised terms, Victoria leads on population growth, recording a 2.4 per cent population increase on last year. The report notes that this is almost the strongest growth in 56 years. Tasmania’s population growth was at 0.58 per cent, up from 0.44 per cent a year earlier. The report highlights that this is helping the Tasmanian economy remain stronger alongside a sound market for established dwellings and a strong jobs market.

In terms of business investment in the March quarter, SA comes out on top with investment at 17.2 per cent above decade-average levels, followed by NSW with investment 15.3 per cent above decade-average levels. The NT was weakest in terms of business investment, with levels 50.6 per cent below decade-average levels with the ending of the investment phase of major gas projects to blame according to the report.

The NT had the lowest unemployment rate at 22 per cent below decade-average levels, followed by NSW which was 10 per cent below decade-average levels and Tasmania at 5.3 per cent below decade-average levels. WA has the worst results with unemployment 19.3 per cent above decade-average levels.

The ACT tops the list for housing finance recording levels at 22.4 per cent above the decade-average, followed by NSW at 15 per cent and Victoria at 14.3 per cent. WA and the NT were the weakest performers in terms of housing finance with below decade-average levels at 18.3 per cent and 15.8 per cent respectively.

NSW continues to lead dwelling commencements at 62 per cent above decade-average levels. This is followed by the ACT at 21.4 per cent, Victoria at 18.2 per cent and Queensland on 3.1 per cent. The NT and WA were behind the rest of the country in terms of dwelling commencements with levels 37 per cent and 19.8 per cent below decade-average levels respectively.

Read CommSec’s State of the States Report HERE

7. Industry News

The South Australian Government has awarded the $80 million East End tram extension contract, part of the AdeLINK proposal, to the Downer EDI York Civil joint venture. The extension will facilitate more regular services between the East End, the new hospital and the city with work due to be completed by early 2018.

Track laying is complete at the Sydney Metro Trains Facility, part of the $3.7 billion Operations, Trains and Systems Public Private Partnership. Construction was completed by John Holland Group, CPB Contractors, MTR Corporation and UGL Rail Services.

Tunnelling on the new M4, as part of WestConnex, has had its first underground breakthrough, marking 70 per cent of mainline tunnelling completion. The tunnel, being constructed by a CPB Contractors, Samsung C&T Corporation and John Holland joint venture, is expected to open to traffic in 2019.

Serco is in the final stages of delivering the Australian Navy’s Multi-role Aviation Training (MATV) Vessel, MV Sycamore, under the $280 million Contractor Asset Acquisition Program. The MATV has been delivered on time and on budget.

Cubic has acquired UK-based Deltenna Limited. Deltenna is a wireless infrastructure company with a core of their work focusing on radio and antenna communications.

Veolia has acquired Townsville-based industrial services company, Clean It. Clean It provide industrial cleaning services to the resource, energy and infrastructure sectors.

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NAB has agreed to sell a 55 per cent stake in JANA, its asset consulting business to the JANA senior management team, with the sale expected in September 2017. JANA currently has more than $350 billion of funds under advice.

The $580 million Foxground and Berry Bypass, constructed by Fulton Hogan and supported by a WSP and SMEC design joint venture, is now open to traffic six months ahead of schedule. The 12.5 kilometre upgrade will save motorists up to seven minutes in travel time.

The Western Australian Government will conduct a review of Western Australia’s Rail Access Scheme. Submissions for the review close on 8 September 2017. The issues paper can be found HERE

Jacobs has been appointed as the project manager and owners engineer on the Powering Australian Renewables Fund (PARF) $450 million Silverton Wind Farm. The PARF’s equity partners include QIC and AGL Energy, on behalf of the Future Fund and those invested in the QIC Global Infrastructure Fund.

Downer has entered into a Business Purchase Agreement (BPA) with WA utilities provider, UrbanGrid. UrbanGrid operate in the water, power, gas, communication and civil sectors, and the acquisition is expected to be finalised in early August.

Westpac and Charter Hall have entered into exclusive discussions over the proposed sale of Hastings (Westpac’s infrastructure assets business). Hastings currently has $14.3 billion of funds under management.

The NSW Department of Planning and Environment has approved four new solar projects in Western NSW. The projects that have been approved are in Nevertire, Walgett, Gilgandra and Metz, and they are expected to supply 275 megawatts of energy to the NSW grid.

Australia Post has finalised the 99-year lease of the Sydney GPO Building to Far East Land Organization and Sino Land. Australia Post plans to seek a National Heritage listing for the building.

8. Industry Appointments

WSP has announced that Sean O’Gorman (Technical Executive) and Sonia Fernandez (Principal Ventilation Engineer) have re-joined the WSP Australia New Zealand team. WSP has also announced the appointment of Mary Haverland as Technical Director, Transport Planning. Mr O’Gorman has most recently worked on a number of public transport projects in the United States, while Ms Fernandez has mostly recently worked for WSP on the Waterview Tunnel project in New Zealand and Ms Haverland joins WSP after having previously worked on various projects, including a secondment at Transport for New South Wales.

KPMG has appointed Glenn Kelly as a director of its consulting practice, KPMG Arrilla Indigenous Services, based in Perth. Mr Kelly has previously been a CEO of the South West Aboriginal Land and Sea Council and most recently the National Native Title Council. KMPG has also announced the appointment of Julie Hare as an associate director in its education sector practice. Ms Hare is currently the higher education editor at The Australian. Lisa Bora will also join KPMG from Google coming across to its new Customer, Brand and Marketing practice.

Clayton Utz has announced that Deepak Pillai and Daniel Heywood will join the firm’s Forensic and Technology Services practice in Melbourne.

Julian Anderson, President of RLB North America, has been announced as Chairman of RLB’s Global Board of Directors. Mr Anderson brings over four decades of experience to the role.

David Gillespie has been appointed to the position of Chief Financial Officer at Jemena, commencing on 7 August 2017. Mr Gillespie is currently the General Manager of Jemena’s Corporate Finance Group and has been with the organisation since 2005.

John Nesbitt, Ming Long and Peter Rowe will be appointed as non-executive directors on the AMP Capital Funds

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Management Limited and the AMP Investment Services boards and to their associated risk committees. Mr Nesbitt, who was most recently CEO of Suncorp Banking Wealth, will also take up a position as Chair of the two boards. Ms Long was most recently the Group Executive and Fund Manager of the Investa Office Fund, while Mr Rowe was previously a partner of 22 years at Herbert Smith Freehills.

Arup has announced that Dr Graeme Wood will join its Buildings team based in Sydney. Prior to joining Arup, Dr Wood was a Director at CPP.

9. IPA News

IPA hosted a leaders’ luncheon in Sydney with Victor Dominello, the New South Wales Minister for Finance, Services and Property. The luncheon was hosted by Charlie Taylor, Senior Partner, McKinsey & Company. Mr Dominello provided insights as to how data will help shape policy design and outcomes-based funding models in the digital era.

Tax Taskforce IPA will be holding a Tax Taskforce with Karen Payne, Chief Executive Officer, Board of Taxation, The Treasury.

Date: Wednesday 2 August Time: 12.30pm - 2.00pm Location: DLA Piper Level 22 No. 1 Martin Place SYDNEY NSW 2000

Teleconference – Members can dial in from other locations.

Transport Taskforce IPA will be holding a Transport Taskforce with Tim Poole, Program Director - Parramatta Light Rail, Transport for NSW.

Date: Thursday 17 August Time: 10.30am – 12.00pm Venue: Ashurst

Sydney – Level 11, 5 Martin Place Melbourne – Level 26, 181 William Street Brisbane – Level 38, Riverside Centre, 123 Eagle Street

For further enquiries, please contact Kia Mandybur on 02 9152 6024 or via email HERE

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