The Port of Newcastle is now free to progress its plans to build a large-scale container terminal after paying $13million compensation to the state government.
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The one-off payment, made on April 30, was required under the Port of Newcastle Extinguishment of Liability Act 2022 (NSW), which passed through parliament in late 2022.
The payment means the port is no longer liable to reimburse the state for compensation payments owed to NSW Ports when the Port of Newcastle competes against Port Botany in container operations.
It cannot be forgotten that governments enshrined in law a prohibitive restriction on Newcastle's fortunes.
The details of that restriction were revealed through this newspaper after extensive pursuit of the subject.
This is why investigative journalism matters, and a prime example of what can follow.
Canberra-based public affairs analyst Greg Cameron, who has a long-standing interest in the Port of Newcastle, said the deal which prevented the establishment of a container terminal was illegal.
Regardless, it is now consigned to history.
The port now faces a position that, frankly, should have always been the status quo.
The only question now is whether Newcastle is a more viable option on its own merits, and the playing field lies far more level.
The port now faces a position that, frankly, should have always been the status quo.
That is as it should be. The container plan may sink or swim, but from here it will do so without a thumb on the scales.
"The door was once closed on Newcastle operating a container terminal, today, the legal and commercial restriction has been lifted, and we now turn our attention to removing the last regulatory / policy obstacle - the deliberately unfair NSW Freight & Ports Policy," Port of Newcastle chief executive Craig Carmody said on Monday.
"Then planning approvals, investment and construction."
Lake Macquarie MP Greg Piper deserves credit for progressing the matter when both major parties stood flat-footed on what shapes as a transformative opportunity for this region and the state more broadly.
More level, of course, but the time lost to a bureaucratic standstill is difficult to recoup.
As reported this week, 24 years have been spent in advocacy rather than progression of the plan.
While that time cannot be recovered, there is no time to waste in moving ahead now the hurdles have fallen.
With the energy transition picking up steam, the pivot away from coal looms as a sharper turn that it could have been.
Rising opportunities can help offset the demise of industries that have underpinned the economy in many parts of this region, and the scale of the port alone contains significant promise.
That does not mean every question is answered.
Significant freight will almost certainly mean more truck or train movements, which will bring their own pressures.
But such a hub so close to Williamtown also offers potential links to air freight as well.
The Port of Newcastle board agreed to pay the $13 million required "without hesitation", chairman Roy Green said on Monday.
Why not, to be rid of the handbrake that has lingered far too long?
Here's hoping it will prove worth the wait.
