MinterEllison advised on VicRoads Modernisation project
July, 2022 - Australia
MinterEllison advised the Victorian Government on the VicRoads Modernisation project, announced last week.
MinterEllison is proud to have assisted the Victorian government to deliver this important project for the benefit of all Victorians.
Victorian Treasurer Tim Pallas and Minister for Roads and Road Safety Ben Carroll last week announced the outcome of the 15-month VicRoads Modernisation process. It will establish a 40-year partnership in which the Government retains ownership of VicRoads, while generating $7.9 billion in upfront proceeds for the State, which will be invested in the new Victorian Future Fund to help manage Victoria's pandemic debt.
A consortium of Aware Super, Australian Retirement Trust and Macquarie was selected as joint venture partner to deliver the project, bringing benefits including upgraded customer service systems, Custom Plates services and user-friendly registration and licensing. The Government will immediately deliver benefits for Victorian drivers through a package that will slash licensing and online testing costs and reward safe driver behaviour. The joint venture partner has a strong track record of successfully partnering with governments to deliver services.
Treasurer Tim Pallas said: “This is a win for all Victorians – it means a better experience for drivers and owners of cars, motorbikes, trucks and boats, and continued investment in VicRoads for future generations.”
“It’s a terrific start for the Victorian Future Fund, which will deliver major benefits for Victorians as we continue to recover strongly from the shocks of the pandemic.”
Minister for Roads and Road Safety Ben Carroll said: “Getting your L’s and P’s is one of life’s most significant milestones – and we will deliver them for free.”
“The agreement protects the jobs and conditions of VicRoads workers and will see us create new roles as well.”
MinterEllison's team was led by partners Andrew Rentoul and Kate Koidl.
Rentoul said: "This is a very significant project for Victorians, delivering better customer experience for drivers, protection and creation of jobs, and long-term benefits through the Victorian Future Fund."
"MinterEllison is proud to have advised the Victorian Government".
