The research consisted of a comprehensive literature review and a detailed analysis and review of these works is contained in Regan (2008d). This literature review of more recent national and international experience informed this work at a critical time in the evolution of PPPs and included a significant number of industry and government reports, which abound in this subject (Infrastructure Australia, 2008a, 2008b, 2008c; Department of Treasury and Finance Victoria, 2009).
To give views and focus to assessing present condition a capital market survey was conducted in late 2008. Interviews and discussions were conducted over a two-month period with 18 senior executives selected from the financial services community including leading firms engaged in equity investment, project finance, credit ratings, funds management, financial intermediation, State Treasury and Finance Departments, banking and, the PPP bid market. The survey was informal and confidential at the request of respondents for the reason that responses may influence capital markets or transactions. The interviews with these senior managers/executives were designed to elicit their views on the debt markets, availability of capital, cost of debt, toll roads, credit insurance, unlisted PPPs and general market conditions. These views and opinions have informed the later sections on present market conditions, the medium term outlook for PPPs, market opportunities and the conclusion.