NSW has agreed to lease the Port of Newcastle to a consortium of financial investors for 98 years in a $1.75bn deal. “Transactions such as this bring enduring benefits to communities and the economy and build on the NSW Government’s success track record in recycling mature State-owned assets to deliver major infrastructure projects that will unlock opportunities for growth, jobs and economic development,” said NSW Premier Mike Baird. The NSW Government reached an agreement with Port of Newcastle Investments for the lease following a competitive five-month bidding process. Five final bids were received. The consortium of Port of Newcastle Investments is comprised of two members – Hastings Funds Management and China Merchants. The NSW Government will continue to retain regulatory oversight of the Port of Newcastle as well, responsibility for a range of maritime safety and security functions, including emergency response, Harbour Master, Port Safety Operating Licence and pilotage functions.