Value Sharing in Queensland 21 March 2016. Page 2 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved.

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Presentation transcript:

Value Sharing in Queensland 21 March 2016

Page 2 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation Part I – The case for change, the concepts, and case studies

Page 3 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation The case for change – why now? ► Competing priorities: 1. High demand 2. Fiscal constraints ► The State Infrastructure Plan ► Value Sharing as a funding option *Qld Budget Fiscal and Economic Review **Qld Government Statistician’s Office Forecast GDP growth in FY17 4% pa* Qld Population Growth to % pa* Yearly growth in exports 16.7% pa* Infrastructure investment Value creation Value-based revenue streams Financing mechanism

Page 4 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation Funding and financing Funding comes from income and is used to repay financing that is borrowed to invest in the infrastructure development Cushion

Page 5 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation Concept – value sharing

Page 6 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation Concept – financing and value sharing

Page 7 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation Value sharing revenues can support (and improve): ‘Conventional’ financing‘Alternative’ financing Concept – financing and value sharing Broadening the investor base and lead to.. General taxation Additional State Borrowing PPPs Debt instruments and capital markets Sale/securitisation of value sharing revenue Tax Increment Finance

Page 8 Copyright © 2016 Ernst & Young Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation Crossrail – the whole package Value creation ► 1.5 m more people within a 45- minute commute of centre ► Annual economic, employment and transport benefits of £1.24 billion by ► Reduction in journey times and rail crowding. ► Uplift in property values. ► Over-site development. Funding mechanisms Financing strategy ► ‘Fixed-rate variable-duration’ model. ► Short-term ‘stabiliser’ for taxpayers, and the state does not bear any risk in the long run. ► Not a (permanent) new tax, but a temporary cost- recovery measure closely linked to the project. Implementation ► Selling the benefits

Ernst & Young Assurance | Tax | Transactions | Advisory About Ernst & Young EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The information in this document and in any oral presentations made by EY is confidential to EY and should not be disclosed, used, or duplicated in whole or in part for any purpose other than the evaluation by ARUP and DTMR of EY for the purposes of this proposal. © 2016 Ernst & Young, Australia. All Rights Reserved. Liability limited by a scheme approved under Professional Standards Legislation.