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Port inefficiencies cost the Australian economy about $600 million (US$414 million) per year, causing consumers to pay more for imported goods.
Following a year-long inquiry into container ports, the Productivity Commission found significant variations in the performance of ports across Australia with substantial implications for the economy.
Currently, Australia relies on port activities greatly, as exports account for 20 percent of the country’s GDP, while imports equate to 16 percent.
In the 2018-2019 financial year, ports handled 1.7 billion tonnes of freight with around $573 billion worth of cargo.
The commission projected that by 2050, the volume of container freight moving through the Port of Brisbane would increase by over three times, while Melbourne and Sydney ports would see a nearly 300 percent and 50 percent rise, respectively....