The Corporation
The Port of Newcastle is core to the city's economy and a vital part of Australia's coal industry. The Newcastle Port Corporation employs 99 people and is required under the State Owned Corporations Act 1989 and the Ports Corporatisation and Waterways Management Act 1995 to:
- be a successful business
- exhibit a sense of social responsibility towards the local community
- comply with its obligations under environmental legislation
- support regional development and decentralisation
- promote and facilitate trade through Newcastle
- ensure that its port safety functions are carried out properly.
The Port of Newcastle welcomes almost 1500 ships a year. In 2004-05, trade through the port totalled 83.5 million tonnes, with a value of some $7 billion. The Port of Newcastle remains the world's largest coal export port by volume, with 77.72 million tonnes passing through the facility in 2004-05.
In the 2004-05 financial year, the corporation's revenues were $42.6 million. Its after-tax profit was just under $8 million.
The corporation falls within the portfolio of the Minister for Ports and Waterways, Paul McLeay. It reports to its two shareholders, the Treasurer, Eric Roozendaal and Finance Minister John Watkins.
Read more about this topic: Newcastle Port Corporation
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