AFR - Macquaries bittersweet $11.6b Qube bid backed by big investors
Thursday, November 27, 2025
As outlined in our
member notice
from 6 November 2025, Freight & Trade Alliance (FTA) and the Australian Peak Shippers Association (APSA) continue to address member concerns about incontestable stevedore and empty container park price hikes with direct approaches to the Federal Government and the Australian Competition and Consumer Commission (ACCC).
Importantly, FTA and APSA have led the industry's voice through strong media engagement, using public platforms to reinforce advocacy efforts and raise awareness across both metropolitan and regional Australia. Our messaging has focused on the broader economic consequences of these fee increases — particularly the added inflationary pressures, reduced productivity, and declining competitiveness of Australian exports in global markets.
TODAY'S AUSTRALIAN FINANCIAL REVIEW
Most recently, FTA and APSA contributed to a feature article published in today's
Australian Financial Review Qube takeover: Big investors supportive of Macquarie's $11.6 billion offer
providing the following commentary:
Port users said any change in Qube's ownership would not change their fight to have stevedores regulated. "Macquarie clearly has its eye on the crown jewel – the 50 per cent ownership of Patrick – and why wouldn't they?" said Paul Zalai, director of the Freight & Trade Alliance.
"Patrick, along with the other major container stevedores, effectively operates a money tap through terminal access charges, forcing transport operators to pay without any ability to influence service quality or pricing."
Continuing this theme, the article made further references to the fact that the ACCC keep watch on the "access" fees charged by stevedores (next annual monitoring report is due in December), but it cannot regulate them.
The article picked up on our evidence supplied that these landside charges for moving containers have risen sharply in recent years, also noting a 2022 Productivity Commission report recommended that Treasury introduce a mandatory code to govern these fees, with the ACCC responsible for enforcing it.
MEETING THE TREASURER'S OFFICE
The timing of this article is critical.
Next week, while in Brisbane for the all-important
FTA Queensland Christmas Networking Function
(tickets still available), I will be joining FTA and APSA representatives in a meeting with senior advisers to the Federal Treasurer.
This be in direct response to formal correspondence available
HERE
(FTA / APSA MEMBER LOGIN REQUIRED)
ACQUISTION OF QUBE
This lack of transparency on Terminal Access Charges has long hurt our members, who face rapidly rising costs adding to domestic inflationary pressures and limiting access to overseas markets with no visibility on how fees are calculated or where profits go.
While there is some conjecture that taking Qube private and delisting from the ASX could further reduce public disclosure, FTA and APSA note that under current arrangements, transparency is already virtually non-existent.
FTA and APSA will consider making a formal submission on the proposed acquisition of Qube by Macquarie once the full details of this takeover and regulatory process are known.
DP WORLD RAIL
As an aside to Terminal Access Charges, the AFR article also makes a fascinating reference to the emergence of a disputes over stevedores' charges to rail operators, prompting the NSW government to appoint an independent expert to review fees specifically introduced by DP World at Port Botany in July.
It is assumed that this is aligned to details as advised in a
member notice
on 28 January 2025.
FTA, APSA and Container Transport Alliance Australia (CTAA) representatives are meeting with Transport for NSW executives tomorrow and have asked for this matter to be included in the agenda – further detail to follow.
Paul Zalai - Director FTA / Secretariat APSA