For me the main risks are:
* Getting the usage rate wrong and therefore paying far too much. We have seen several previous examples of this (Cross city tunnel, Lane Cove tunnel, Brisbane airportlink). Although these were not mistakes by Transurban, there is still a risk they can get it wrong.
* Political risk. It is not beyond a new government to change what happens in relation to future development, even where contracts have been signed (Victoria was a recent example).
* Concentration risk. Too much being invested in development projects relative to operating assets. Although TCL has a good record on development projects, Westconnex has been planned and contracted by the NSW Government.
For me the main risks are: * Getting the usage rate wrong and...
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