Treasurer Mike Baird announced on Friday that Port Botany and Port Kembla had been leased to the NSW Ports Consortium for $5.07 billion, well over estimates of $3.5 billion.

Of that, Botany accounted for $4.31 billion and Port Kembla $760 million.

That figure is $260 million more than the $500 million the government expected the lease would bring.

During the leasing process, which began with an announcement from Treasurer Baird in the June 2012 state budget, he promised the region $100 million of that money would be spent on infrastructure in the region.

Despite the better-than-expected return, that $100 million would not increase but Mr Baird told the Mercury that the region would also benefit from the Port Botany lease.

"I think what we need to be clear on is that this is an unprecedented investment in infrastructure for the Illawarra," Mr Baird said.

"As the Premier announced last year, the completion of stage two of the Princes Highway upgrade was contingent on the completion of the Port Botany transaction.

"Today that project is funded for the Illawarra - $170 million additional will be provided to complete that upgrade.

"Secondly, the lease of Port Kembla delivers $100 million on new infrastructure that is going to come into the Illawarra region. It is a $270 million day for the residents of the Illawarra region. Those sorts of opportunities don't come around very often.

"If this transaction did not go ahead, there would be $270 million that would not have come to the Illawarra."

He added that Infrastructure NSW would shortly begin the process where people could make submissions about how the $100 million should be spent.

Wollongong MP Noreen Hay has been a vocal opponent and is concerned that both Port Kembla and Port Botany have gone to the same bidder.

"I have raised in the past my concerns about one organisation obtaining the lease for both ports in that it provides the opportunity to bypass the port of Port Kembla, leaving us as a poor relation," Ms Hay said.

"This situation is going to lead to an increase in costs for our community because those companies and port users who will face new charges, will obviously seek to pass those costs on."

Ms Hay also said that the battle had now moved to ensuring the government was held accountable.

"We cannot forget that their promise not to privatise the Port of Port Kembla during the 2011 election campaign was very quickly broken," she said. "During this privatisation process, they have promised it would lead to more jobs and more investment and we need as a community, the union movement, local politicians and media need to ensure that those promises are delivered."

Shellharbour MP Anna Watson said that the government should raise the amount promised to the region, pointing out that the Hunter had secured $350 million for infrastructure from the government.

"With this substantial increase in the lease proceeds, there is no reason, except for political pettiness from the NSW government, to not also substantially increase the infrastructure contribution to match the Hunter funding," Ms Watson said.

"The NSW government has an obligation to treat the Illawarra region fairly."

Keira MP Ryan Park said the government's decision to push on with the leasing of the port despite community opposition wasn't a surprise.

"I am very disappointed but I'm not surprised," Mr Park said.

"The government doesn't seem to be listening at the moment to a lot of things that the community have got concerns about.

"I remain, as do my other Labor colleagues, very concerned that the Illawarra will only get a small amount of what is coming out of this sale.

"I'm very concerned that we're going to lose jobs and we're going to lose investment under this arrangement."

Claim NSW to benefit from sale

Industry Funds Management chief executive Brett Himbury said the 99-year lease of Port Kembla and Port Botany would benefit the Australian economy and the people of NSW.

IFM led the NSW Ports consortium, which also included AustralianSuper, Cbus, HESTA, HOSTPLUS and Tawreed Investments.

Mr Himbury said the transaction would  have a positive impact on the retirement savings of  Australians. 

“It is a great outcome for the people of NSW and we commend the government for achieving this result,” Mr Himbury said.

“Globally, it sets a strong precedent for using private investment to grow essential public infrastructure.  Australia continues to be a leader in global infrastructure management and this is a good model for governments.” 

‘‘With over 80per cent ownership by Australian industry superannuation funds, the investment will benefit the superannuation savings of an estimated 5million Australians – including more than 1.5million in NSW.’’