Port of Newcastle has today welcomed the Independent Pricing and Regulatory Tribunal's (IPART) determination for the one-off compensation payment of $10,120,000 (approx. $13,100,000 when adjusted for CPI) the Port must make to the State under the Port of Newcastle Extinguishment of Liability Act 2022 (NSW). While the details of the determination are yet to be fully examined, once complete, this payment of the compensation sum will bring an end to the legislative process, meaning Port of Newcastle will no longer be penalised for competing against Port Botany. Port of Newcastle CEO, Craig Read more…