THERE is no need for the Australian government to purchase China Merchants' 50 per cent ownership of the Port of Newcastle.
The industry super funds that own 80 per cent of Port Botany and Port Kembla can join the industry super funds that own 50 per cent of Newcastle by buying out China Merchants' interest in Newcastle. Port Botany can become the new sub base by the Australian government purchasing the Botany and Kembla leases. These funds can be used to build a container terminal at the Port of Newcastle and contribute towards the cost of building a dedicated rail freight line linking Newcastle, Badgerys Creek and Port Kembla.
