A$500 earmarked for Sydney port development

Australia's New South Wales government plans to invest A$500 million (US$377.2 million) in the development of Sydney's Port Botany. Government officials expect the move announced by Premier Morris Iemma will help stimulate economic growth in the state to the tune of A$16 billion over the next two decades and create 9,000 new jobs, Australian media reported. Expansion works are said to include the construction of a 51 hectare container terminal along with container berths, storage and handling equipment as well as a new railway spur and sidings.