How a lot debt will Victoria Park placed on Brisbane? Council does not know


The lord mayor stated ratepayers would fund the event of Victoria Park, with no non-public improvement included to offset the anticipated prices however some “low-level activation” of eating places and cafes.

Cr Schrinner confirmed Brisbane would doubtless tackle extra debt to handle the prices of improvement.

“… That’s the acceptable method to ship large, long-term infrastructure,” he stated.

“That is going to be an asset for the town for 100 years, for 200 years, and if you’re speaking about large investments like that debt is one choice you have a look at.”

The council has about $2.6 billion in debt with a $three.1 billion funds.

Adjustments to accounting requirements had been blamed for a spike within the council’s debt ultimately 12 months’s funds, with borrowing elevated to $220 million up to now monetary 12 months and predicted to peak at $360 million this 12 months earlier than declining from 2021.

Loading

The state authorities’s complete debt is greater than $90 billion.

Cr Schrinner stated the debt was used just for long-term infrastructure tasks obligatory for the town.

Labor’s lord mayoral candidate, Pat Condren, stated the administration was too comfy taking up extra debt.

“Within the final 10 years, 10 per cent of all Brisbane Metropolis Council funds have gone to paying curiosity on debt created by botched tasks like Kingsford Smith Drive,” he stated.

“Now they’re planning billions of in new spending which is able to simply drive up debt and as a consequence drive up the charges of Brisbane residents.”

Different long-term infrastructure tasks embody the LNP administration’s pledge of 5 new inexperienced bridges throughout the town, with an preliminary $550 million price ticket, and the $944 million Brisbane Metro.

The council is assessing an expected cost blow-out to Metro’s budget after delays to designing and finalising the Cultural Centre mission.

The Kingsford Smith Drive project, with a greater than $650 million funds, had a $45 million price blowout final 12 months. Contractor Lendlease is managing any additional monetary blowouts after geotechnical issues delayed the mission properly into 2020.

Lendlease reported to the ASX in December that the highway improve was 90 per cent full.

Most Seen in Nationwide

Loading