The Victorian Government has announced new requirements for public-private partnerships (PPPs) to ensure best practice and allow the private sector to tender for government projects with greater certainty.
The Victorian Government’s pipeline of major infrastructure projects requires key partnerships to deliver high-quality infrastructure and services for the benefit of all Victorians.
As part of the updated provisions, new standard expression of interest, request for tender and base contract documents will reduce costs for bidders and improve certainty for PPP participants and investors.
The new requirements are timely given recent Australian Bureau of Statistics figures confirming that Victoria’s building approvals are firing along at nearly 30 per cent growth for the year.
A more consistent approach to PPPs means government and bidders will save time by focusing on project-specific issues, reducing bid costs and negotiation time, and improving transparency for the private sector.
Infrastructure Partnerships Australia CEO, Brendan Lyon, said, “Victoria is continuing its global leadership on PPPs, and this update to commercial principles sees higher levels of standardisation and puts structures around when bid costs should be partially reimbursed, and when they should not.
“This is a good update to a very strong commercial framework for Victorian infrastructure and will be closely reviewed by the other states.”