2005年-世界发展银行全球_Results_of_Railway_Privatization_in_Australia_and_New_Zealand_70页_834kb

Summary of Railway Privatization in Australia and New Zealand

Core Content

This document provides an analysis of railway privatization experiences in Australia and New Zealand from 1993 to 2005. It examines the outcomes of various privatization and concessioning initiatives, focusing on the impact of private sector involvement on the efficiency, profitability, and overall performance of the rail industry in both countries.

Main Objectives

• To analyze the outcomes of railway privatization and concessioning in Australia and New Zealand.
• To assess the effectiveness of these reforms in improving productive and allocative efficiency, investment, and service quality.
• To identify lessons learned and implications for future railway policy.

Key Viewpoints

• Privatization in both countries was part of broader government reforms towards market liberalization and increased private sector involvement in traditionally public services.
• The privatization of freight railways in Australia has generally been successful, leading to improved profitability and competitiveness, though challenges remain in infrastructure renewal.
• In New Zealand, the initial success of privatization was not sustained, and the government had to reacquire the rail network due to financial and operational issues.
• Private sector participation in some public-private partnership (PPP) schemes did not always guarantee success, especially when projects faced economic and operational challenges.
• The structure and timing of privatization transactions, including the sale of track and train operations versus just train operations, have not yet been a major determinant of success, though there is a preference for integration among operators.
• The privatization process has led to industry consolidation in Australia, particularly across state boundaries, which has improved rail economics and viability.

Key Information

Privatization Transactions

1. New Zealand Rail Ltd (1993)

   • Sold to a US and NZ consortium for NZ$400 million.
   • Initially improved productivity and profitability, but financial distress arose due to inadequate track maintenance, ineffective commercial strategies, and road competition.
   • The government reacquired the network in 2004 and has invested over NZ$200 million in infrastructure upgrades.

2. Australian National (1997)

   • Sold to a consortium, with the track access transferred to ARTC in 1998.
   • Long-distance passenger services were sold to Serco, which later took full control.
   • SA Rail and Tasrail were sold to Genesee & Wyoming Inc Consortium and Wisconsin Central & TranzRail respectively.
   • The privatization led to cost reductions and improved efficiency, though some regional lines faced financial challenges.

3. Westrail Freight (1998)

   • Sold to a consortium of Genesee & Wyoming and Wesfarmers for A$585 million.
   • Combined with SA Rail to form the Australian Railroad Group (ARG).
   • Operational improvements, cost reductions, and profitability were reported.

4. V/Line Freight (1999)

   • Sold to Rail America for A$165 million.
   • Initially profitable, but faced losses due to reliance on grain exports, which were affected by drought.
   • Sold to Pacific National (PN) in 2004 for A$285 million.

5. FreightCorp and NRC (2002)

   • Sold to Toll and Patrick for A$1.2 billion, forming Pacific National (PN).
   • PN reported strong financial growth and profitability, driven by integrated logistics, IT investment, and asset upgrades.
   • PN now seeks significant capital investment from the Commonwealth Government to improve infrastructure.

Concessioning and Public Private Partnerships (PPPs)

1. Melbourne Rail Passenger Franchising (1999)

   • Two urban rail concessions and one country rail concession were awarded.
   • Operators improved service quality and introduced new rolling stock.
   • Financial distress emerged due to revenue allocation disputes and over-optimistic forecasts.
   • A new concession (2004) for Connex appears to be more successful.

2. AustralAsia Railway BOOT Project (2004)

   • A 1,420 km north-south line from Alice Springs to Darwin.
   • Funded by A$480 million in grants and A$79 million in loans, with private sector contributing A$750 million.
   • Freight revenue is underperforming, and the "land-bridge to Asia" concept has not yet succeeded.

3. Sydney Light Rail Project (1996)

   • A BOOT project for a 13 km light rail system.
   • The project was successful in terms of construction and operation.

4. Sydney Airport Rail Link (2000)

   • A private consortium built four underground stations and operated them for 30 years.
   • Initially a financial failure due to poor patronage, but now showing growth after addressing operational issues and increased air travel.

5. Brisbane Airport Rail Link (2001)

   • A 8.5 km BOOT project with private funding of A$223 million.
   • Patronage was 88% below expectations, but now reportedly growing.

Summary of Key Findings

• Freight and Passenger Privatizations

  • Australia's freight rail industry has become more competitive and efficient, with significant private sector involvement.
  • New Zealand's freight rail privatization did not sustain initial success, leading to government reacquisition.

• Passenger Concessioning

  • Melbourne's urban and country rail concessions faced challenges in meeting forecasts and service expectations.
  • The new 2004 concession for Connex shows promise, with improved service quality and performance.

• Overall Assessment

  • Privatization has generally improved productive efficiency and profitability in Australia.
  • However, challenges remain in infrastructure renewal and sustaining profitability in less economically viable routes.
  • PPPs have shown mixed results, with some projects struggling to meet financial and operational expectations.

Conclusion

Railway privatization in Australia and New Zealand has had a mixed impact. While the freight rail sector in Australia has shown positive outcomes, the passenger sector and some PPP projects have faced challenges. The experience highlights the importance of careful planning, realistic expectations, and the need for continued public investment in infrastructure to support long-term success.