Federal Labor commits $700mn to Perth METRONET project
The opposition Labor government has pledged $700mn to the Morley-Ellenbrook METRONET line in Perth, placing pressure on the Turnbull administration to match or better its commitment.
The announcement from Labor Leader Bill Shorten comes after $20mn was allocated in the 2017-18 state budget to begin detailed planning and design work on the project. The Morley-Ellenbrook line will serve Perth's rapidly growing north-eastern suburbs, connecting them to world-class public transport, reducing road congestion and creating jobs.
Construction of the project is set to get underway in 2019, with an aim of finishing sometime in 2022.
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Western Australia’s Transport Minister Rita Saffioti said: “The Morley-Ellenbrook line is the missing spine in our rail network; it will ease road congestion throughout the north-eastern suburbs and create local jobs.
"This METRONET line will connect passengers to the major employment hubs at Malaga and Morley, linking passengers to jobs.
"After years of broken promises and inaction by the previous Liberal National Government, we have had to start from scratch on this project. We have got straight to work and begun the necessary planning to deliver another election commitment."
The Morley-Ellenbrook line is part of the $2.5bn METRONET project, which has already suffered a setback after plans for a freight link were abandoned.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.