"The EES process has revealed that there are no environmental `showstoppers' impeding the channel deepening project", says VECCI Chief Executive Officer, Mr Neil Coulson.

"The EES proposes that the environmental impact of dredging will be short-term and localised, and that there will be no long-term environmental impacts on the Bay resulting from this project.

"The EES also explodes the myths that the Ports of Darwin and Hastings are realistic alternatives to Melbourne.

"This finding is good news for Victoria's trade, export, investment and growth prospects - VECCI has long regarded channel deepening as the most economically important outstanding infrastructure project for Victoria.

"In an increasingly globalised economy, the Port of Melbourne is our key piece of infrastructure and our `window on the world'. Around 82 percent of exports by value leave via the Port of Melbourne - exports make up around 17 percent of Victoria's Gross State Product, up from 8 percent a decade ago.

"A green light for channel deepening will send a positive signal to the global community that Victoria is an attractive manufacturing investment destination and a serious export player.

"We will be studying the EES in greater detail over coming weeks and will respond formally during the consultation period", says Mr Coulson.