Value-capture the fast track to high speed rail
As part of a new inquiry into the role of transport connectivity on stimulating development and economic activity both in major urban areas, and in regional Australia, the Standing Committee on Infrastructure, Transport and Cities will examine the means of promoting and funding new transport infrastructure, with a particular focus on value-capture as a funding mechanism for infrastructure development.
Value-capture refers to the impact that transport infrastructure – such as high speed rail – has on property values and how governments can harness this improved value to sustainably fund transport infrastructure.
Standing Committee on Infrastructure, Transport and Cities Chairman, Mr John Alexander OAM MP, said he is looking forward to hearing about how the value-capture model has been used in other countries to deliver high speed rail projects.
“Given the positive impact increased transport connectivity usually has on property values, mechanisms such as value-capture can help to make major projects focused on increasing transport connectivity more feasible. Value-capture has not been widely used in Australia, and this inquiry is an excellent opportunity to examine the ways in which it has been applied internationally, and how it could best be applied in Australia,” Mr Alexander said.
The committee invites interested persons and organisations to make submissions to the inquiry addressing the terms of reference. Submissions close on Friday 12 February 2016.