Port of Melbourne privatisation set to go ahead

THE Victorian Labor Government expects to reap $6 billion from privatising the Port of Melbourne.

The Opposition reached an in-principle agreement yesterday to sell a 50-year lease on the port after the government agreed to limit a compensation regime to 15 years.

The bill is expected to be voted on today by the Upper House.

Labor says it will use the proceeds to fund one of its key election promises - the removal of 50 railway crossings in Melbourne over two terms.

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