The Port of Melbourne will be sold to a consortium led by QIC Ltd for $9.7 billion.

The Victorian government announced the decision on Monday, calling the 50-year lease a "vote of confidence" in the state's economy.

The Victorian government announced the decision on Monday, calling the 50-year lease a "vote of confidence" in the state's economy. Credit:Craig Abraham

The consortium, led by QIC, Australia's second-largest wholesale funds manager, and including The Future Fund and Global Infrastructure Partners, out-bid another group led by IFM Investors.

Sources involved in the sale said the contest was "very close", with QIC's Lonsdale Consortium's operational plan for the port, rather than a significantly higher bid, the decisive factor.