Australian high-speed rail would cost $120 bn
A high-speed rail link connecting Melbourne to Brisbane via Canberra
and Sydney would cost Aus$114 billion (US$120 billion) and take more
than 40 years to complete, an Australian government study showed
Thursday.
Australia has debated the merits of high-speed rail connecting the
main centres along its east coast since the 1980s but has never
committed to such a major project.
Transport Minister Anthony Albanese, who commissioned a feasibility
study in 2010, said it would transform the way people along the eastern
corridor -- home to about two thirds of Australia’s population -- live
and work.
But he conceded there were technical, logistical and financial
challenges as he released details of the study.
Asked by ABC radio if the government was serious about pressing on
with high-speed rail despite the hefty price tag, he said: “Yes, we are.
“But there’s no doubt that for a project which is 1,700 kilometres
(1,050 miles) long, that would involve some 144 kilometres of tunnelling,
that it would take time for construction to commence.” The study shows
the total capital cost would be $114 billion, including project
development and construction funding, with limited potential to attract
private investment due to poor rates of return.
Albanese admitted the federal and state governments would need to pay
for much of the project.
“It’s pretty clear that this would require a substantial commitment
by the national government,” he said.
“It’s also the case that you could get some state and territory
government contributions.
There would need to be contributions in the way of planning support.”
But he insisted it could deliver a positive economic benefit.
“Well the study concludes that once the high speed rail line is fully
operational, it could carry some 84 million passengers each year,” he
said.
“And it estimates as well, in terms of the financial modelling, that
it could generate sufficient revenue to cover its operating and asset
renewal costs.
“So there are benefits of it. It estimates that overall there is a
significant economic benefit, a return of $2.30 to Australia’s economy
for every dollar that is invested.”
The benefits for the commuter would be huge -- a journey from Sydney
to Melbourne that currently takes some 12 hours by rail would take just
two hours and 44 minutes on trains travelling at an average of 300 kph
(186 mph).
Travel from Sydney to the capital Canberra would be reduced from four
hours to 64 minutes while commuters from Sydney to Brisbane could make
the trip in two hours 37 minutes instead of the current 13 hours.
The study said the 1,784 kilometre route from Melbourne to Brisbane
would not be complete until 2058, with the first trains unlikely to be
running on the first stretch of track until at least 2030 if the project
proceeds.
The proposal will now be put out to public consultation. |