The inclusion of significant Commonwealth-owned biodiversity lands within the project has been on the basis that the biodiversity credits from these lands would be made available to satisfy most of the NSW and Commonwealth offset requirements. These requirements arise from land clearing for rail access works, warehousing and other development. During the year, MIC reached agreement with the NSW Government to execute a biobanking agreement for the Commonwealth-owned biodiversity offset land (Moorebank Forest). The biobanking site contains sufficient biobanking credits to offset the majority of MIC-funded works.

During the year, MIC reached agreement with the NSW Government to execute a biobanking agreement for the Commonwealth-owned biodiversity offset land (Moorebank Forest). The biobanking site contains sufficient biobanking credits to offset the majority of MIC-funded works.

Due to insufficient credits for certain species, there is a shortfall in required offset credits for the MICfunded works. The shortfall will be purchased by Qube as required, with MIC reimbursing the cost as MIC-funded works. The shortfall purchased for the rail access works corridor will become part of the rail access works fee that Qube will pay back as a rail access charge.

Where surplus credits arise on the biobanking site, MIC intends to sell the credits, with the approval of the Commonwealth, to offset purchase of credits elsewhere on the site.