Transurban rides population boom to the bank


Toll road operator Transurban has reported a net profit of $230 million for the six months to December 2023, more than quadrupling its previous corresponding result.

Transurban confirmed it would pay a first-half dividend of $0.30 per share and a full-year dividend of $0.62, although some analysts and investors had been hoping for an increase in the full-year forecast.

Traffic on Transurban’s Sydney toll roads rose by 1.2%, while it was up 2.6% in Brisbane, and 2.3% in Melbourne.

Transurban traffic and tolls

Australia’s mass immigration policy guarantees traffic and profit growth for companies like Transurban.

NOM by states

High immigration is projected to continue into perpetuity, meaning traffic on Transurban’s toll roads will rise indefinitely, as will its revenues.

NOM projection

The entire immigration-led economic system is a scam designed to enrich capitalists like Transurban at the expense of ordinary residents:

  1. Cram people in such a way that traffic becomes chronically congested and more roadways are needed.
  2. Build tollroads through public-private partnerships, charging high user fees to the existing population.
  3. Living standards plummet since all you’ve done is charge people to move about when they were doing it for free prior to the people-stuffing.
  4. Politicians act like competent economic managers because GDP rises and they claim credit for addressing congestion (created, once again, by the aforementioned people-stuffing).
  5. Transurban and its foreign donors grow richer, while citizens become poorer.
  6. Rinse, repeat.

Transurban’s entire business plan is centred on privatising the benefits of mass immigration while transferring the costs to everyone else via what is effectively private taxation.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.