Hale Street Bridge Fails to Deliver

_{22 June, 2009}

The Lord Mayor’s 2009-10 Budget ends his promise that the Hale Street Toll Bridge will deliver a “big fat cheque” to buy parkland for West End residents.

The Budget forecasts a toll revenue of $11.5 million in 2010-2011, however this revenue will fall short of paying off the annual expenses for the bridge.

The loan repayments on the $240 million loan for the construction of the bridge will be approximately $10 million annually In addition Council must pay $4 million per annum to the toll collector.

.The predicted annual short fall may be as high as $2.5 million.

“One thing is certain, this prediction shows there is no money left over to buy the parkland the Lord Mayor promised” Cr Abrahams said.

“These figures released in the Budget for the first time, show that the Lord Mayor has mislead the people of Brisbane’ said Cr Abrahams.

“Now, we know that the Lord Mayor overpromised on the financial benefit of the contentious toll bridge.”

“It is yet to be seen if motorists will pay more than $2.40 simply to cross the River” said Cr Abrahams

“No wonder, the Lord Mayor refused to conduct a second Cost Benefit study when the cost of the Hale Street Toll Bridge blew out from $120 million to $360 million” said Cr Abrahams.

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Hale Street Fails to Deliver