Capital Metro
Business Case
in Brief
Prepared by: CAPITAL METRO AGENCY – ACT Government, GPO Box 158, Canberra ACT 2601
capitalmetro.act.gov.au
1.0Chief Minister’s Foreword
Light rail is part of a long term plan to create a prosperous, lively,
liveable Canberra that reflects the pride we feel in our city.
This necessary and affordable investment is
about much more than transport. It will revitalise
Northbourne Avenue, the main entrance to our city,
and link up with the renewal we’re already seeing in
Braddon, Dickson and Gungahlin’s lively town centre.
It will create jobs – more than 3500 in the
construction stage alone – and opportunities. It will
also sit as a natural, pragmatic component of a wider
whole – road and rail transport, innovation, thriving
business, a diverse economy – all of which helps us
continue to be a liveable, mature city.
We can afford light rail. By entering into a Public
Private Partnership, a private consortium brings
proven expertise and innovation to the project,
whilst it also bears the upfront cost until light rail is
operational. We will only start paying for the capital
cost of the project when Canberrans are travelling
by light rail along Northbourne Avenue.
We are ready for more diverse transport
options. We are ready for an entrance to
the city that makes an impact worthy of a
national capital and one of the world’s most
liveable cities. We are ready to take our place
as a major city on the world stage – this
investment in building Canberra is necessary
and appropriate as we continue improving
our city in its second century.
Katy Gallagher
ACT Chief Minister
2.0Minister’s Message
Capital Metro stage one is the start of a light rail network that will play a vital
role in ensuring Canberra’s future as a vibrant, sustainable and liveable city.
Capital Metro will help redress a historic imbalance in
the way we have invested in transport. Over the past
10 years the ACT has spent more than $1 billion
building roads. As a consequence of our city’s roadcentric growth, we have amongst the highest rates
of car dependency in Australia. This cannot continue.
This Business Case in Brief summarises information
contained in the Capital Metro Full Business Case which
is being released simultaneously with this document.
It is an unusual step for any government to release a full
business case. It demonstrates the ACT Government’s
genuine commitment to openness and transparency.
The ACT Government is taking responsible action to
build the infrastructure we know we need. Light rail is
an important long-term investment and one we can
afford. Although it is a significant commitment by the
ACT Government, it is just one part of the $2.5 billion
allocated for infrastructure projects over the next four
years. To put this light rail investment in context, the
territory’s total budgeted general expenditure over the
same period is more than $20 billion.
The release of the business case coincides with the
release of the Capital Metro Invitation for Expressions of
Interest and start of the project’s procurement process.
The ACT Government is seeking light rail proposals from
industry that will meet our customer experience, urban
design, community and affordability expectations.
The ACT Government is committed to delivering
light rail. We are committed to securing Canberra’s
future as a great place in which to visit, work and play.
The benefits of Capital Metro are many and varied.
It will provide new transport options for Canberrans.
It will ease ever worsening traffic congestion. It will
assist in revitalising the Northbourne Avenue corridor.
It will support jobs and our local economy. It will help
our city continue to grow comfortably within its
constrained borders.
Capital Metro is expected to generate economic
benefits of almost $1 billion over 30 years. For every
dollar we invest we anticipate our community will
obtain $1.20 in benefits.
Simon Corbell MLA
Minister for Capital Metro
PAGE 01
$1b
benefits
Capital Metro through
stage one will deliver almost
$1 billion* in benefits to
our community including:
$222 million
transport time savings
$140 million
infrastructure efficiency savings
$198 million
wider economic benefits
$240 million
land use benefits
$13 million
environmental and
other benefits
$5 million
walking and cycling
health benefits
Over 3,500 jobs
supported during construction
Journey time
25 minutes or less
1 depot
Including stabling, maintenance
and office facilities
13 stops
Over 15,000 journeys
per day in 2021,
over 20,000 by 2031
Integrated
public transport
Free WiFi
Every $1 invested delivers
$1.20 in economic benefits
Frequent and reliable
light rail services
13 Stops
2019/20 operations begin.
* Based on today’s dollar value (Nett Present Value or NPV)
Business Case In Brief
PAGE 02
3.0The Project
3.1Route and alignment 3.2Operations
Light rail is part of the ACT
Government’s strategy to
transform Canberra into a truly
sustainable city. Light rail will
provide Canberrans with better
public transport options, reduce
car dependency, improve the
urban environment and support
Canberra’s local economy.
Capital Metro is the first stage of a city-wide
integrated transport network. The 12km stage one light
rail route will link Canberra’s city centre with the fast
growing suburbs of Gungahlin via Northbourne Avenue
and Flemington Road.
The project includes the:
• Design and construction of approximately 13 stops,
a depot facility, signals, associated road works,
preparatory works and landscaping
• Design and delivery of light rail vehicles
• Ongoing operation and maintenance of the light rail
system
• Capital Metro will maintain a median alignment along
the entire route, using the dedicated transit zone
down the middle of Northbourne Avenue set out in
the Griffin plans for Canberra. Median alignment is the
simplest and fastest solution for light rail, providing
clear separation from cars and cyclists while not
interfering with access to driveways.
Capital Metro stage one will run throughout the day and
into the night with high frequency and reliable services,
providing a ‘turn up and go’ experience for commuters.
The ACT Government’s customer focused approach to
Capital Metro will see:
• A Gungahlin to City travel time of 25 minutes
• Light rail frequency of 10 minutes between 7am and
6pm on weekdays, and more frequently at peak times
• Amenities such as free Wi-Fi and on-board bicycle
carrying facilities.
3.3A Canberra wide
transport network
Transport (infrastructure and services) is one of the key
priority areas for the ACT Government. The government
continues to develop a Canberra wide transport network,
comprising roads, cycle and pedestrian networks, park
and ride/bike and ride, bus and light rail services.
Capital Metro will provide a safe, convenient, attractive,
frequent, reliable and affordable service. Seamless
integration with walking, cycling, buses and cars is an
important priority for the project.
Capital Metro will form an integral part of Canberra’s
transport network, and will be supported by:
• Safe and easy to access for pedestrians
• Common ticketing and fare structure with
ACTION buses
• Integration with bus interchange facilitates in
the City, Dickson and Gungahlin Town Centre
• Simple and fast connections with buses
• Park and ride facilities within easy reach
of light rail stops
• Bicycle-friendly vehicles and stops.
Business Case In Brief
PAGE 03
Business Case In Brief
PAGE 04
4.0Challenges
Facing
Canberra
4.1We need future
transport capacity
As Canberra grows, the need for transport capacity
is increasing. Historically Canberra has met this need
through substantial investment in roads. Over $1 billion
has been spent on road infrastructure in the last
10 years alone.
Canberra has developed a high and growing level of
car dependency. Only 11% of Canberrans use public
transport to commute to work, compared to over 70%
who use cars. This has resulted in many negative
consequences:
• Traffic congestion and slow travel times – in
particular along the Northbourne Avenue and Federal
Highway corridor. Congestion is expected to worsen
in coming years with the rapid growth of Gungahlin
and other areas in northern Canberra. By 2031, the
peak hour commute from Gungahlin to the City is
estimated to take more than 50 minutes if Capital
Metro is not built.
• Reduced accessibility – individuals who do
not own a car face severe mobility difficulties in
Canberra, which in turn creates social equity issues.
For Canberrans who do not own a car, living in a
city with limited public transport alternatives
restricts their access to services, employment,
shops, social and other activities.
• Lost economic productivity – as well as adverse
health, environmental and other outcomes.
• Public transport infrastructure takes time – we
can’t wait until the problem is too bad to fix before
we begin. If we want to combat transport issues
before they clog the city we need to start now. As it
is, the first stage of light rail will not be operating until
2019. To delay would push back any public transport
solution until the next decade and any extensions until
well into the future.
• Canberra has a limited amount of land –
to accommodate the increase in population,
smarter ways of using available land is needed.
Growing outwards is not only expensive but
requires extensive areas of land. According to a
study by Curtin University it costs 130% more to
develop sprawling areas due to the need to deliver
more utilities, roads, nearby services and public
transport. As Canberra’s population continues to
grow it’s important that the city transitions towards
higher density living with a focus on high quality
urban design.
Business Case In Brief
PAGE 05
4.2We need
sustainable urban
re-development
Canberra has historically been a city of low density urban
sprawl. This leads to higher per capita cost of providing
services and utilities, including public transport, water,
sewerage, roads, electricity and communications. In
addition, urban sprawl threatens social equity, convenient
accessibility, liveability and the environmental quality of
the city.
Canberra’s population reached 381,500 in mid-2013 and
is projected to reach over 600,000 by 2050. Together with
a finite supply of suitable greenfield developable land
within our constrained borders, this population growth
is leading to increasing:
• Pressure to release land that is currently reserved
for environmental purposes, which risks damaging
endangered habitats and species
• Costs to develop Canberra’s remaining greenfield land
• Demand for accommodation in bordering regions.
The ACT Government has identified the need
for sustainable urban re-development in 2012
ACT Planning Strategy.
4.3We need to diversify
the ACT economy
Canberra’s largest economic sectors are government
administration and defence, representing between one
quarter and one third of jobs in the Territory. In June
2011 for example, public sector (public service) jobs
represented 51% of all employment in the Territory, with
77% of this employment in the Commonwealth public
service and 23% in ACT Government.
Reliance on public sector employment makes Canberra’s
economy susceptible to shifts in Federal Government
administrative policy. With significant recent Federal
Government public service job losses, the Territory’s
economic growth is projected at 1.75% in 2014/15,
which is below the forecast national average. To provide
a more robust local economy, there is a need to diversify
our local economy.
Infrastructure investment is a proven economic stimulus
and provides a catalyst for more jobs, investment,
improved community facilities and more productive and
healthy lifestyles.
We estimate Capital Metro will support over 3,500
direct and indirect jobs during construction, and when
combined with associated developments, it will have
supported around 50,000 jobs by 2047.
These jobs will create extra opportunities for businesses
and significant economic benefit for the whole of
Canberra.
4.4We need to revitalise
the gateway to
Canberra
Northbourne Avenue is the gateway to the nation’s
capital with the potential to be an active, vibrant urban
boulevard.
As a consequence, first impressions of our city are not
as favourable as they could be. With light rail along
Northbourne Avenue, Canberra becomes more attractive
for occupants and visitors alike. This important corridor
has the capacity to support higher density mixed use
development and provide a welcoming and impressive
entrance to the nation’s capital, of which we can all be
proud. Capital Metro provides an opportunity for high
quality urban renewal along the whole corridor.
Business Case In Brief
PAGE 06
5.0Benefits of
Capital Metro
Capital Metro will deliver a variety
of transport, economic, land use,
environmental, social and other
benefits that will be shared by all
Canberrans.
5.1Light rail will
build alternative
transport capacity
Capital Metro will provide additional and alternative
transport capacity for Canberra. The project is the first
stage of a long-term investment program to broaden the
transport options available within the city. By 2031, over
20,000 journeys will be made on light rail every day.
Weekday daily light rail patronage
Time
2021
2031
AM Peak
3,946
5,193
Inter-Peak
4,848
6,587
PM Peak
3,607
5,012
Off Peak
2,718
3,414
TOTAL
15,120
20,207
Over the next 30 years, Capital Metro will:
• Reduce Canberra’s high level of car dependency
• Increase public transport mode share, anticipated
to be over 30% by 2031
• Provide travel time savings of $222 million by
reducing traffic congestion and associated costs
• Reduce vehicle operating and accident costs by
$17 million
• Increase walking and cycling resulting in $5 million
of health benefits
• Provide $13 million of environmental and other
benefits
• Improve accessibility for the disadvantaged, helping
to increase social and economic participation within
the ACT
• Benefit car users through reduced congestion and
fewer buses on Northbourne Avenue
• Improve the cycling and pedestrian experience on
Northbourne Avenue.
5.2Light rail will support
efficient land use
and urban renewal
In combination with other complementary ACT
Government policies, light rail has the potential to drive
beneficial land use changes. Capital Metro is expected
to accelerate urban densification within the light rail
corridor, supporting Canberra’s continued population
growth within the Territory’s constrained boundaries.
Benefits of densification within the light rail corridor
include:
• More cost efficient delivery of public infrastructure
and services
• Increased economic productivity
• Reduced carbon emissions
• Changing the utilisation of land along the corridor
to higher value uses
• Over 30 years, land use benefits from light rail are
estimated to be $765 million.
Business Case In Brief
PAGE 07
$72m
Urban densification benefits
Valenciennes in
northern France is
a small city with an
industrial past and a
semi-rural hinterland.
The city itself has less than
43,000 inhabitants while the
surrounding area has a population
of approximately 390,000.
$168m
Smarter land value benefits
$140m
Infrastructure efficiency savings
In the late 1990s and early 2000s
there had been significant local
interest in advancing light rail
solutions for the region and
Phase 1 of Valenciennes’ new
tram system was officially opened
in 2006. Phase 2 was added in
2007 and the network continues
to expand.
The success of Valenciennes’
new light rail system shows that
smaller cities with a relatively
sparsely populated hinterland
can benefit from a tram service
connecting important sites.
$381m
Total benefits and cost savings
In addition, Capital Metro will act
as a catalyst for urban renewal in
the rail corridor helping to make
Northbourne Avenue a more active
and socially connected precinct,
and a more fitting gateway to the
nation’s capital.
Business Case In Brief
PAGE 08
5.3Light rail will
provide wider
economic benefits
Capital Metro will provide a range of wider economic
benefits for Canberra. Improvements in the transport
network as a result of light rail will enhance local
economic productivity and growth, create more jobs
and increase the diversity and sustainability of the
local economy.
Over 30 years, wider economic benefits are
expected to exceed $198 million.
The wider economic benefits of the project have been
assessed in accordance with the latest UK guidelines,
using Australian evidence and include:
• Benefits from bringing workers, employers and
suppliers in closer proximity to each other
(referred to as ‘agglomeration benefits’)
• Benefits from an increase in jobs.
EY is a global firm that has advised on some of
Australia’s most complex transport and urban
transformation projects. Following their appointment to
the project, EY has established a presence in Canberra.
This is an example of how the Capital Metro project will
attract people and businesses to Canberra.
5.4Benefit Cost
Analysis
A comparison of the project’s benefits and costs
results in an anticipated benefit cost ratio (BCR) of 1.2,
comprising a transportation and land use BCR of 1.0
and the remainder representing wider economic impacts.
This means for every $1 spent there is a return of $1.20.
As the BCR is greater than one, the economic analysis
anticipates that the project will deliver a net benefit to the
ACT community.
Summary cost benefit analysis (net present value, $m)
Cost Scenario
Project Benefits ($ million)
Transport Benefits
406
Land Use Benefits
381
Wider Economic Impacts
198
Total Project Benefits
984
Project Costs ($ million)
Total Whole of Life Project Costs
823
Project Economic Indicators
BCR (transport , land use & WEIs)
1.2
Note: ‘Net present value’ means the value today of the total of
all the future costs and benefits associated with the project.
This figure was generated in accordance with accepted
Australian Industry Guidelines for economic analysis
Business Case In Brief
PAGE 09
Analysis carried out by
EY indicates that the
Capital Metro stage one
will support over 3,500
jobs during construction,
including 1,450 direct
and 2,100 indirect jobs.
The corridor development element
of Capital Metro will deliver additional
floor space to accommodate around
26,000 jobs along the corridor. Flow-on
jobs from industry and consumption
effects results in a total footprint of
many thousandsof jobs that will
remain long term along the corridor.
The full report is available at
www.capitalmetro.act.gov.au
Business Case In Brief
PAGE 10
6.0Project Costs and Risks
6.1The cost of building
Capital Metro
The estimated cost of constructing the first stage of
light rail in Canberra is $610 million plus a $173 million
contingency, for a total of $783 million. This estimate
includes design, construction, light rail vehicles, and
a risk contingency.
Capital cost estimate (P75)
Cost Area
$m Nominal
Stops and Precincts
11
Roads and Utilities Infrastructure
118
Rail Alignment
96
Signalling, Rail Systems and Power
137
Depot and Stabling
59
Contractor’s Overhead and Profit
59
Total Construction Cost
479
Rolling Stock – Light rail vehicles
65
Total Alignment Costs
545
Escalation
65
Sub Total
610
Contingency
173
Total Project Outturn Cost
783
The table above does not represent a project budget. It
represents an estimate of capital delivery costs only. A project
budget will only be finalised following completion of the project’s
procurement process. Rounding accounts for any apparent
summation errors. The table above does not include ongoing
operating costs, ACT Government costs or financing costs.
Business Case In Brief
The cost estimate is based upon a concept
design produced by Capital Metro Agency’s
technical advisors and through a risk
quantification process. It is a ‘P75’ estimate,
which means that sufficient risk provisions
have been included to provide a 75% level of
confidence in the outcome i.e. that there is a
75% likelihood that the project cost will not be
exceeded. This is a widely accepted industry
standard for capital infrastructure projects.
6.2The cost of
operating
Capital Metro
Once the system is operational, costs associated
with Capital Metro will include amounts for
operations, routine maintenance works and major
scheduled renewal works.
The final operating costs will be determined by
the market during the procurement process.
However, analysis indicates operational costs will
average around $22 million per year (based on
today’s dollar value, or NPV), including lifecycle
costs required to maintain a sufficient level of
operational performance.
Under a public-private partnership, regular
payments will be made by the ACT Government
to its operating and delivery partner over a fixed
operating term. These regular payments, known
as ‘availability payments,’ take into account
capital delivery, operating and financing costs.
The size of the availability payments will be
determined through the procurement process.
6.3Key project risks
All major infrastructure projects involve
uncertainty or risk; Capital Metro is no different.
Under a public-private partnership, project risks
are allocated to the group that is best placed
to manage them. For example, risks can be
‘retained’ by the ACT Government, ‘transferred’
to the consortium delivering and operating the
light rail (‘Project Co.’), or shared between the
two. Where appropriate, risk mitigation strategies
will be put into effect.
PAGE 11
Key project risks include:
Indicative Risk Allocation
Territory
Project Co
Planning approvals
Adequacy of utilities relocation and other enabling works
Overall management of design interfaces*
Design interfaces* with third parties, including territory specified technologies
Overall management of construction interfaces*
Operational interface* management with third parties
Meeting performance requirements and service levels specified by
the ACT Government
Overall safety risks of passengers/ staff and road users
Higher reference interest rates when project finance is rolled
over beyond first financing period
Patronage risk
* Interface relates to interactions/crossing points
Although a public-private partnership affords a high degree of risk transfer from the ACT Government to
the private sector, it does not involve the transfer of all risks to the private sector. The estimate of risks to
be ‘retained’ by the ACT Government versus those to be ‘transferred’ to Project Co. (on a P50, P75 and
P90 basis, $m, nominal, including capital expenditure and operational expenditure risk adjustment) is as
follows:
400
350
P90
300
Total Risk Adjustment $m
250
P75
P50
200
150
100
50
0
Transferred
Retained
Business Case In Brief
PAGE 12
Private
7.0Why a PPP?
Capital Metro will be delivered
as an Availability Public-Private
Partnership (PPP). Under this
model, the design, construction,
operations and maintenance of
the light rail system is bundled
with private sector finance for
a proposed operating term.
The PPP term is anticipated to cover the
construction period plus 20 years of light rail
operations.
A PPP was identified as the best delivery model
for the project following analysis facilitated by
Capital Metro Agency’s commercial advisor,
market feedback, financial analysis and
consideration of other Australian light rail
projects. This delivery model has been selected
due to the:
• Degree of risk transfer it offers compared
to other delivery models. This is particularly
important given the ACT Government’s lack
of familiarity with rail projects of this size or
complexity
• Heightened degree of cost certainty it offers
compared to other delivery models
• Greater scope for innovation it offers
compared to other delivery models
• Quantitative analysis comparing the project’s
‘Public Sector Comparator’ and ‘PPP Proxy’
(discussed below).
Under a PPP, the ACT Government only starts
making regular ‘availability payments’ when the
system is fully operational. Payments continue
over the agreed operating term and take into
account capital delivery, operating and financing
costs. The size of these annual payments
will be known at the conclusion of the
procurement process.
Public
7.1Demonstrating
value for money
In accordance with ACT Government guidelines,
the project’s financial analysis included the
development of a ‘Public Sector Comparator’
(PSC) and a ‘PPP Proxy.’ This was undertaken
in order to assess the value for money of a
PPP compared with traditional government
delivery models.
The PSC is an estimate of the hypothetical,
risk-adjusted, whole-of-life cost of a public
infrastructure project that is delivered by
traditional public sector procurement methods.
Similarly, the PPP Proxy estimates the whole
of life costs of the same public infrastructure
project, though delivered by the private sector
under a PPP model. The estimates include
potential service payments to meet construction,
financing and lifecycle costs over the
operating term.
Both the PSC and PPP Proxy estimate the
financial impact of risks on the delivery costs
of the project over the contract life. The PSC
incorporates the value of both transferred and
retained risks, whereas the PPP Proxy specifically
only considers the value of transferred risks
(although the overall cost to Government should
include a contingency for retained risks).
After taking into consideration the risk
adjustment, the PPP Proxy demonstrates
an estimated 11% lower cost than the PSC.
The analysis supports the recommendation to
deliver the project through an Availability PPP.
Under a PPP, the ACT Government
only starts making regular
‘availability payments’ when
the system is fully operational.
Business Case In Brief
PAGE 13
Comparison of PSC and PPP Proxy ($m NPC)
1,200
1,000
Risk-Adjusted PSC
PPP Proxy
800
Total Value $m (NPV)
600
400
200
0
Business Case In Brief
PAGE 14
8.0Community
Engagement
Key outcomes from the
market research included:
Stakeholders and the community
have helped to shape the
specifications for the project,
including customer requirements
and indicative stop locations.
Ongoing discussions will help further refine
specifications and designs that will be used during the
project’s procurement process.
During an initial community consultation phase, the
project benefited from over 16,500 interactions with
the community. The ACT Government is committed
to providing the Canberra community with further
opportunities to provide ongoing feedback as the
project progresses.
Feedback from community consultation indicated that:
• The community expects a light rail service that
is safe, easily accessible and interacts effectively
with other modes of transport including cycling,
cars and the ACTION bus network
55%
34%
11%
• The majority (55%) of Canberrans
support the ACT Government’s plans
to develop the Capital Metro light rail
system; 34% do not and 11% are
undecided.
• Light rail passengers should be able to take
bicycles on board and ensure safe storage at stops
• Sustainability is a key priority and driver for
the project
• The light rail urban design elements need to
complement plans for surrounding areas.
Further to the community consultation, the Capital
Metro Agency has undertaken market research. The
research followed a two-step process; the first phase
involved members of the community from various
demographic categories participating in six separate
focus group sessions. The discussion and debate in
these sessions helped to inform the second stage, a
quantitative telephone survey of almost 1200 residents
from across the Territory.
Many areas were explored in the telephone survey,
including the resident’s views on the future of
Northbourne Avenue; the effect light rail may have
on public transport use and the perceived issues or
benefits for the project.
Business Case In Brief
70%
11%
19%
• Over 70% of residents commute and
travel around Canberra by car; 11%
use public buses; 19% use other
methods.
PAGE 15
9.0Light Rail
Master Plan
57%
The Gungahlin to City corridor
is the first stage of a future light
rail network for Canberra.
The ACT Government is considering the development
of a future light rail light rail network through the Light
Rail Master Plan. The draft Light Rail Master Plan will
be released for public consultation in early 2015.
• The majority (57%) believe they would
be more likely to use public transport
if it involved a light rail system that is
accessible to them.
The positive results
shown in this Canberrawide survey are very
encouraging and they
will provide the basis
for ongoing tracking.
Business Case In Brief
PAGE 16
10.0Next Steps
The Capital Metro procurement process commenced with the public
release of the project’s Invitation for Expressions of Interest.
The ACT Government is seeking proposals that meet its customer experience, urban design, community and
affordability expectations.
Following the competitive procurement process, the successful industry consortium will be appointed in 2016 with
light rail operations commencing in 2019/20.
The project’s indicative timeline is as follows:
Transaction Process
Indicative Date / Period
Stage 1 – Expressions of Interest phase
Expression of Interest issued
31 October 2014
Closing date for submission of EOIs
Fourth quarter 2014
EOI evaluation period – shortlisting
First – second quarter 2015
Announcement of shortlisted respondents
Second quarter 2015
Stage 2 – Request for Proposal phase
Release of RFP
Second quarter 2015
Submission of proposals
Fourth quarter 2015
Evaluation period
Fourth quarter 2015 – first quarter 2016
Negotiation period
2016
Financial close
2016
Construction starts
2016
Business Case In Brief
PAGE 17
Capital Metro will
improve the day-to-day
lives of Canberrans
by providing a reliable,
fast and attractive
transport option.
Business Case In Brief
13 22 81
@CapitalMetroACT on Twitter
Facebook
CMAfeedback@act.gov.au
GPO Box 158, Canberra ACT 2601
This document is not the Capital Metro full business case. All figures contained
in this document are to be read in conjunction with the full business case.
capitalmetro.act.gov.au