Port of Newcastle has welcomed the determination by the Independent Pricing and Regulatory Tribunal regarding the one-off compensation payment of $10,120,000 (approximately $13,100,000 adjusted for CPI) that the Port must make to the State under the Port of Newcastle Extinguishment of Liability Act 2022.

While a detailed examination of the determination is pending, the payment of the compensation sum, once completed, will mark the conclusion of the legislative process. This signifies that Port of Newcastle will no longer face penalties for competing against Port Botany.

Craig Carmody, CEO of Port of Newcastle, described today’s development as a significant and historic milestone for the Port and regional NSW. He noted that it clears the way for the Port to offer choice and competition in NSW container trade without facing penalties.

Port of Newcastle expressed appreciation to all sides of parliament for their pragmatic approach to the legislative process. Carmody particularly thanked Greg Piper MP, the Member for Lake Macquarie, for his advocacy for regional NSW, which ensured bipartisan support for the Act.

As the legislative process nears completion, Port of Newcastle’s focus shifts to the NSW Freight Reform Review, which will influence state planning decisions. Carmody emphasised the importance of ensuring that the review aligns with the decision by Parliament to promote competition through the Port of Newcastle Extinguishment of Liability Act.

Port of Newcastle hopes that the NSW Freight Reform Review will advocate for a level playing field for competition rather than favouring specific ports. The IPART determination process involved submissions from interested parties, informing IPART’s review and determination for the one-off compensation payment.

With the determination made by an independent body, Port of Newcastle assumes the support of all sides of parliament to move towards the expansion of container operations. Meanwhile, the Port will continue to focus on growing existing container trade through its new Multipurpose Terminal, which has planning approval for 350,000 containers a year.

For more information visit www.portofnewcastle.com.au