Ted Baillieu said that the centrepiece of the project would be the construction of a new container terminal at Webb Dock while infrastructure upgrades at Swanson Dock would increase capacity at the port's existing container terminals.
"This major infrastructure project is an exciting opportunity to cement Victoria's reputation as the freight and logistics capital of Australia," he said. "The project will provide 700 direct jobs and 1,900 indirect jobs across Victoria, in addition to ensuring we are well placed to cater for the forecast demand in container freight.”
The project will also see improvements in the way freight is carried to and from the port. A dedicated route will be built for trucks accessing Webb Dock.
"The competitive bidding process for the right to build and operate a new facility at what is already Australia's busiest container port is expected to attract significant interest from industry," said minister for ports Denis Napthine.