Market Wrap -The Melbourne Metro Rail

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New York is home to the Underground, London has The Tube, Paris has the Metro, and soon Melbourne will boast the Melbourne Metro Rail.

This week the Andrews government confirmed plans for the largest public infrastructure project in Victoria’s history – the Melbourne Metro Rail – to bring our city up-to-speed with the world’s best.

The multi-billion dollar plan includes five new train stations, two nine-kilometre tunnels and will carry 20,000 extra passengers during peak hour.

The extra services will be welcomed as our city’s population is forecast to increase to seven million by 2013. Melbourne is growing fast – we’re seeing apartments erected in the city and new housing estates emerging in the fringes each day. Yet the increased volume of people is playing havoc on our roads where traffic congestion woes are worsening.

The big question is whether Melbournians will opt for the train over their beloved cars.

For instance, a recent Liveability Index conducted by The Age showed many of Melbourne’s suburbs rich in public transport are in fact home to some of the worst traffic conditions, because many people still prefer to travel by car.

Time will tell if the Melbourne Metro Rail will be embraced by Melbournians over their personal vehicles – however it is no doubt a step in the right direction towards improving facilities to manage growth.

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