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    Media Statements

    Coat of ArmsMedia Release
    Deputy Premier, Treasurer and Minister for State Development and Trade
    The Honourable Andrew Fraser

    QML transfer finalised

    Deputy Premier, Treasurer and Minister for State Development and Trade
    The Honourable Andrew Fraser

    Tuesday, May 10, 2011

    QML transfer finalised

    Treasurer Andrew Fraser today announced the finalisation of the transfer of Queensland Motorways Limited (QML) to the State’s investment arm QIC.

    “As announced by the Premier in November last year, Queensland Motorways — which operates the Gateway and Logan motorways — will be transferred at market value to QIC,” Mr Fraser said.

    The Treasurer said the State and QIC had agreed to a market value price of $3.088 billion for QML for the 40-year tolling franchise of the Gateway and Logan motorways.

    The Treasurer said the transfer would strengthen the State’s finances, as QML would become an asset of the State’s public sector defined benefit superannuation scheme.

    “Finalisation of the transfer will significantly assist the State in managing its ongoing superannuation obligations,” Mr Fraser said

    “Our fully funded scheme is a legacy we want to protect, and QML will sit comfortably as an asset in the defined benefit fund which safeguards the super of workers, including teachers, nurses, police and other public servants.”

    Mr Fraser said motorists would also be protected.

    “Last year the Government legislated to ensure tolls could not be increased beyond inflation levels.”

    The Queensland Motorways road network extends 70km and carries more than 80 million vehicles a year.

    The Treasurer said QIC was a natural owner for this type of asset — it was already part-owner of the M7 Motorway in New South Wales. QIC was also part of the successful consortium that was awarded a 99-year lease of the Port of Brisbane in late 2010.

    “The State retains ownership of the road and bridge infrastructure for the Gateway and Logan motorways. QIC will own the QML business and the right to toll the motorways,” Mr Fraser said.

    Media contact: Treasurer’s Office – 3224 5982