NSW ports privatised in 99 year deal

THE NSW government has agreed to privatise the state's ports, in a deal that will net more than $4 billion for infrastructure projects in the state.

Port Botany and Port Kembla will be leased to the NSW Ports Consortium for 99 years, Treasurer Mike Baird announced on Friday.

The successful consortium is made up of a range of mostly domestic and international investors, including Industry Funds Management, Australian Super, QSuper and the Abu Dhabi government.

The Port Botany transaction netted more than $4.31 billion, while $760 million was earned from the Port Kembla package.

Around $4 billion of the net proceeds would be invested in the state government's infrastructure fund, Mr Baird said.

"Today our $1.8 billion commitment to the WestConnex project is funded. There are also vital funds to meet commitments in the Pacific Highway, Princes Highway and Bridges for the Bush," Mr Baird told reporters in Sydney.

Thirty per cent of the funds would also be reserved for projects in regional areas and a further $100 million would go towards infrastructure in the Illawarra, he said.

Mr Baird said the sale did not solve all the government's financial problems, but it was a "good start".

"In order to catch up on the infrastructure backlog we have... the only way to start addressing that is to look at the capital on your balance sheet," he said.

"It's a great win for NSW. The infrastructure funding for this state has had a massive boost".

Mr Baird said each member of the NSW Ports consortium was an experienced asset owner and would ensure the operational integrity of the ports.

"This bid was the highest in terms of price and the best in terms of risk," he said.

The NSW government will retain regulatory oversight of the ports, as well as responsibility for maritime safety and security functions.

A small number of Sydney Ports Corporation and Port Kembla Port Corporation employees would also transfer to the port lessee, Mr Baird said.

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