Transurban welcomes govt plans

Chairman says group can support govt agenda as key private sector organisation.

Transurban Group (TCL) has welcomed the new federal government's infrastructure agenda and offered its support as a private sector organisation.

Chairman Lindsay Maxsted told the group's annual general meeting the recent election refocused attention on the country's infrastructure requirements and the pressing need for state and federal governments to address the significant backlog of investment.

"Infrastructure reform was one of the key platforms, of course of the newly elected coalition government," Mr Maxsted said.

"We applaud their intent and stand ready to support as a key private sector organisation that can contribute to this agenda."

The toll roads operator said it has made good progress in its talks with the NSW government on a $2.65 billion tunnel proposal for Sydney's north.

The proposed project would be a tolled motorway linking the M1 Pacific Motorway, formerly the F3 freeway, at Wahroonga to the M2 toll road at West Pennant Hills.

The project involves the construction of new eight kilometre tunnel, which would be the longest tunnel of its kind in Australia.

"We have made significant progress in our discussions with the NSW government to develop the new F3-M2 link," Mr Maxstead said.

Mr Maxsted said agreement had been reached on the basic funding sources for the project, and the parties were working through the third and final phase of the government's unsolicited proposal framework.

"If successful, this will be a transformative project for the northern section of the Sydney orbital network, with capital investment in the construction effort alone of up to $2.65 billion," Mr Maxsted said.

Transurban said in August that it is hoping for a financial close to the project in late calendar 2014.

Transurban chief executive Scott Charlton said the project would be one of the largest single investments on the Australian road network in the past decade.

If Transurban gets approval to build the new link, it will own about 50% of the project.

Transurban completed an upgrade of its M2 on July 31.

It also owns Sydney's Lane Cove Tunnel and Melbourne's CityLink, and holds interests in Sydney's M7 and M5.

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