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Industry News, Latest News, New South Wales, Projects, Victoria

Inland Rail studies uncover new investment opportunities

More than 63 kilometres of existing rail line has been removed as part of the Inland Rail construction in Parkes, New South Wales.

Two new Inland Rail studies have found potential investment opportunities that could lead to hundreds of full time jobs and boost Gross Regional Product by $13.3 billion.

The EY-led Victorian Regional Intelligence Report found investment opportunities in Victoria’s agricultural, manufacturing, freight and logistics sectors arising from the operation of the Inland Rail.

The biggest winners will be food processing, transport logistics and manufacturing facilities.

Deputy Prime Minister and Infrastructure, Transport and Regional Development Minister Michael McCormack said the report had forecast 940 full-time jobs to the region in the 10th year and a boost of up to $4.6 billion to the gross regional product for the study area over the first 50 years of Inland Rail’s operation.

“This nation-building infrastructure lays the foundation for regional Victoria’s future success, through job creation and economic stimulus,” McCormack said.

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“Victoria’s agriculture and manufacturing sectors will be instrumental to the region’s economic recovery and growth, not only to keep our supermarket shelves stocked but our international trade routes open for business.”

Federal Member for Nicholls Damian Drum said in these unprecedented times the Federal Government was laying the tracks for regional Victoria’s economic recovery over the coming months and years.

“Our agricultural sector will play a significant role in the future success of our local communities,” Drum said.

“We will bolster Victoria’s agriculture supply chains by providing the crucial links between long-haul rail, road and warehouse, as well as between farm-gate and every mainland state capital and international port.”

The Victorian Regional Intelligence Report studied the 49 Local Government Areas that are around 50km east and 100km west of the Inland Rail alignment.

Another EY study has suggested southern New South Wales could also see a boost of up to $3.8 billion to its Gross Regional Product from Inland Rail over the coming decades.

The Inland Rail Regional Intelligence Report for southern NSW shows the investments spurred by Inland Rail could bring up to 670 full‑time jobs to the region in the 10th year of operation.

McCormack said evidence of investment is already underway with the opening of a $35 million logistics hub outside Parkes.

“Hubs such as these provide sustainable, long-term jobs and opportunities for regions, opportunities which other industries will piggy back on,” he said.

“Once complete, Inland Rail will put 80 per cent of Australia’s population within overnight reach of Parkes, giving the manufacturing, processing and logistics businesses which establish and build in southern NSW a distinct competitive advantage.”

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