The state government and opposition struck a deal on Wednesday morning, ending months of negotiations about how to best proceed with the port’s privatisation. 

It’s expected $700 million will be set aside from the anticipated $7 billion sale price, for investment in regional transport infrastructure. Originally only $200 million was directed to the regions. 

Passing lanes, extra rail services between Geelong and Warrnambool and road improvements have all been flagged as potential projects for the south-west. 

South West Coast MP Roma Britnell said the Coalition not relenting during negotiations had created a golden opportunity for the region.

“We need to make sure we get this right, we won’t have a chance like this again in our lifetime,” Mrs Britnell said. 

“I’ll be fighting for a fourth service on our rail line, there are no excuses now. Our roads need improvement, we have to get product to market and roads are vital to that. 

“I’m developing a survey to gauge where the public want this money spent, consultation starts now.”

Great South Coast Group chair and Moyne Shire mayor Colin Ryan said he made a presentation to a public hearing in Warrnambool to an upper house committee and the group lodged a submission.

He said a one-on-one meeting with Treasurer Tim Pallas followed where he and group chief executive officer Karen Foster further reiterated their case. 

Cr Ryan said the increased share was “a win for the Great South Coast Group”. 

“We made it very clear $200 million wasn’t enough,” he said. 

“Products from regional Victoria have helped make the Port of Melbourne what it is so it’s only fair we get a bigger share of the sale proceeds.

“I congratulate the Treasurer for listening and taking our position on board.”