Australian projects underway

The consortium building Australia's new Northern Link tollway expects the project to require four years to complete. The US$1.41 billion (A$1.5 billion) project is being carried out by a consortium led by Spanish contrator 976 Acciona, with construction due to commence at the end of this year. The work is being part funded by a $745 million loan from the State Government for the area and will also receive $532 million of funding from the Federal Government. Australia's federal Government is also setting an additional budget of $412 million for work to upgrade the Bruce Highway. The work will include building overtaking lanes and improving noted accident risk sites. The Bruce Highway forms one of Australia's longest road links carrying some 170,000 vehicles/day and is at present benefiting from work worth a total of $2.4 billion. Meanwhile debt worth $468.37 million is now being refinanced for the Westlink M7 tollroad in Sydney. Funding has been raised from a banking syndicate including 883 Westpac Banking Corporation, 5751 National Australia Bank, 881 Commonwealth Bank of Australia and 878 Australian and New Zealand Banking Group. Westlink M7 is equally owned by 5753 Intoll Group and 3365 Transurban Group.