New requirements for public private partnerships (PPPs) will ensure best practice and allow the private sector to tender for Victorian Government projects with greater certainty.
Launched by Treasurer Tim Pallas, Partnerships Victoria Requirements will ensure we stay the construction powerhouse of the nation by reducing costs and improving project outcomes – making it easier to do business in Victoria. The Victorian Government’s extensive pipeline of major infrastructure projects requires key partnerships to deliver high-quality infrastructure and services for the benefit of all Victorians.
“We’re making sure Victoria maintains its spot as the construction powerhouse of the nation – attracting further investment as we deliver on the Government’s strong infrastructure pipeline,” Victorian Treasurer Tim Pallas said.
“Our population growth is also the strongest in the nation with more than 2,100 people choosing to call Victoria home each week.”
“We’re not wasting a day – making significant investment in new schools, hospitals, and infrastructure – and the PPP update will save time, reduce bid costs and improve transparency for the private sector, creating jobs and boosting economic growth,” the Treasurer added.
A more consistent approach to PPPs means government and bidders will save time by focusing on project-specific issues, reducing bid costs and negotiation time, and improving transparency for the private sector.
As part of the updated provisions, new standard expression of interest, request for tender and base contract documents will reduce costs for bidders and improve certainty for PPP participants and investors.
The new requirements are timely given recent Australian Bureau of Statistics figures confirmed Victoria’s building approvals are firing along at nearly 30 per cent growth for the year.
Infrastructure Partnerships Australia CEO, Brendan Lyon, added: “Victoria is continuing its global leadership on PPPs, and this update to commercial principles sees higher levels of standardisation and puts structures around when bid costs should be partially reimbursed, and when they should not.”
“This is a good update to a very strong commercial framework for Victorian infrastructure and will be closely reviewed by the other states,” Mr Lyon concluded.