Bundy Port merger signals new chapter for trade

A dynamic merger between two key Queensland ports has signalled a new era for trade in Bundaberg.

Minister for Transport and Main Roads Paul Lucas today announced that the Port is to merge with the Port of Brisbane Corporation – as a wholly owned subsidiary of the Port of Brisbane.

“A proud chapter at the Port of Bundaberg has come to a close but at the same time an exciting new page has turned for the Bundaberg Port Authority.”

Mr Lucas said just as it has done for the past 110 years, the Port will continue to trade under its own name – but with the backing of the expertise, the staff and the $1.9 billion in assets of the Port of Brisbane Corporation.

“The Port of Brisbane is Australia's fastest growing capital city port and has an impressive record of trade growth and project development,” he said.

“The merger will give Bundaberg Port the strategic mass with the security of a strong balance sheet to chart an exciting course ahead.”

Mr Lucas said over the last six years the Port or Bundaberg made an average profit of $140,000 with 24 ship arrivals last year.

“In comparison the Port of Brisbane made a profit of $23 million with 2600 ships last year using the facility.

“The merger is driven by changes in the industry, it’s a tough world out there and the variable prospects of the sugar industry have made the continued viability of Bundaberg as a stand alone port difficult.”

Mr Lucas said the dedication and loyalty of staff based in Bundaberg and Brisbane will ensure the port can meet the challenges of the future.

“I want to thank Bundaberg Port’s current chair, Glen Toll, the board and the 25 staff for their work and contribution in an increasingly difficult transport market.

“Staff are assured their entitlements and conditions will stay the same and all current employment contracts will be honoured.”

Mr Lucas said the Port of Bundaberg merger and along with other developments connected with the port will ensure a long term future.

“Construction of the Bundaberg Ring Road project is planned to start by late this year to deliver efficiency benefits for the port as well as the Bundaberg city.

“During the election campaign I announced the Government would launch a study to investigate a dedicated rail freight line north of the river to the Port of Bundaberg to expand the capacity.

“It puts the port in a far better position to grow new jobs and inject more money into the local economy.”

"The merger also arms Bundaberg Port with the experience it needs to investigate new land developments and urban renewal projects."

Mr Lucas said the ports are currently were looking at the legislation, accounting and operational changes for the merger which is expected to be completed later this year.

Media inquiries: Darren Roberts 0448 184566.