The Western Australian government has approved legislation to lease Fremantle Port to the private sector.
Western Australian Premier, Colin Barnett, said the bill would provide additional funding for the government.
"The long-term lease of Fremantle Port will be a cornerstone of the Government's fiscal management plan, aimed at reducing government debt and unlocking the potential for private sector capital investment," he said.
"Together with the proceeds of other transactions under the government's asset sales program, the Fremantle Port divestment is an important enabler of the funding future infrastructure initiative announced by the Treasurer when he delivered the 2016-17 State Budget last week."
The Fremantle Port Assets Bill 2016 would allow the government to provide a long-term lease of the port for up to 99 years.
Western Australian Treasurer, Mike Nahan, said the bill would reduce debt and fund future infrastructure.
"Recognising the importance of maximising the taxpayers' return on investment from the existing infrastructure, the government is committed to the continuation of the Fremantle Inner Harbour as a container and general cargo port for the longer term," Nahan said.
"Analysis of capacity and trade growth has confirmed the Outer Harbour, which would be additional to the Inner Harbour operations, will not be required for at least 15 years and probably much longer.”
Fremantle Port is Western Australia’s largest container and general cargo port.
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