Fed govt urged to back up road funds pledge as road toll hike looms Read more
The ??? ???government will ask banks and pension funds to contribute $10bn to back that up cost on road tolls, after it is disclosed the budget will boost road tolls by as much as $400m, reversing a plan to hike the increase just before Christmas.
The government’s budget will release more details later today of road tolls for the NSW-Queensland border from January 1, 2017, up to September 30, 2018. However, the changes are likely to push the national figure much higher than the government had anticipated after the budget.
The NSW government had said at the weekend it was unlikely it would push for road tolls on the ??????state’s three NSW bridges and the QEW, as it is unlikely to receive the money from transport companies from its road fund, and no transport company had pledged to do so in July.
But with the new $10bn road fund announced for the state, it’s thought that the states will get the money first f?? ??? ??rom transport companies, although Queensland is expected to get more than $400m.
Nationally, the government said transport and road funds are being provided by a mix of private companies, transport unions and individual governments.
The money will come from a combination of revenue generated from a 1% increase in tolls, in addition to the previous 0.9% increase.
It comes two months after Turnbull’s decision to abandon the national $30-a-tonne trucking levy to set a national funding level, following outcry from truckers.
The new road fund will go into effect before the end of February.
It will increase the road levy by 0.95% on March 1 and again on March 15. “The government expects the road levy to continue to decline and in time to hit a further reduction in fuel price hikes later this year,” the budget said.