Property and Finance Brief 15 March 2013
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Buyers coming back
$6 billion for the Galilee Basin
Aurizon and Mrs Rinehart's joint venture company GVK Hancock plan to develop and manage a port and rail project with the capacity to ship 60 million tonnes per annum (mtpa). The projects involve a greenfield rail project and a development right for a coal terminal at Abbot Point.
"The proposed development of the rail and port infrastructure which is expected to deliver export capacity of 60mtpa could represent an investment for Queensland in the order of $6 billion," Aurizon said in a statement.
Under the proposed deal, Aurizon will acquire a 51 per cent interest in Hancock Coal Infrastructure (HCI), which owns GVK Hancock's rail and port projects.
Aurizon believes the development will unlock Galilee Basin coal reserves, including GVK Hancock's Alpha, Kevin's Corner and Alpha West coal mines.
Data points to upward trend in Queensland
According to the ABS employment figures, 30,000 new jobs have been created in Queensland since late last year. Queensland looks to be heading towards a massive undersupply, with 33,000 new dwellings needed during 2012, yet just 26,000 supplied - an undersupply to the tune of about 20%.
RBA thinks Feb jobs data over stated
RBA assistant governor (economic) Dr Christopher Kent said the employment data was surprising. "Our forecast has been for a gradual edging higher in the unemployment rate," he said in a speech to the Australian Institute of Building at the University of Technology, Sydney.
Dr Kent was asked how many months of good jobs figures would mean an end to the interest rate reduction cycle.
"I don't have an exact number, it's going to be very hard to predict," he said.
"I would personally think we don't turn things around on the basis of one month's number, this figure could be a little overstated.
"You don't put too much on one month's number, the labour market is very important, it's not the full story."
Ipswich Wages and Growth Figures Released