Port of Newcastle’s container ambitions could cost NSW up to $4.3b

has left NSW facing a potential billion-dollar liability if the state government decides to allow it to handle containers, documents commissioned during the privatisation process and made public on Thursday show.

On Thursday, the NSW government will release port privatisation deeds along with other previously secret documents commissioned as part of the sell-off. One of those documents is a report commissioned by Treasury and authored by Deloitte which suggests the liability to the government is between $600 million and $4.3 billion.

“After more than a decade, the people of NSW are finally seeing what the impact of selling off their assets looks like,” Mr Mookhey said. “The public deserves to know exactly what is in the agreements made when public assets were privatised.”The O’Farrell and Baird governments raised more than $6 billion in 2013 and 2014 selling the Port of Botany, Port Kembla and the Port of Newcastle.

The Port of Newcastle was sold almost a year later to Hastings Funds Management and a Chinese state-owned corporation, China Merchants, on aThe deals were criticised at the time due to a provision that handed the NSW Ports exclusive rights to handling shipping containers for the state, in a move which cut the Port of Newcastle out of the container market. In 2018, the ACCC described that agreement as “anti-competitive” and launched legal action to halt those restrictions.

Source: Entertainment Trends (entertainmenttrends.net)

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Special counsel denies impugning Biden over age and memory in documents probeRobert Hur, who sparked a political storm after describing the US president as an “elderly man with a poor memory”, stood by his description before a committee.
Source: smh - 🏆 6. / 80 Read more »

Port Fairy Folk Festival's army of volunteers brings community spirit to iconic eventThe iconic Port Fairy Folk Festival is world-renowned, but behind the throngs of people flocking to see their favourite musician is a small army of volunteers who ensure the event runs smoothly.
Source: abcnews - 🏆 5. / 83 Read more »

Push to release secret documents on public housing demolitionA plan for the Coalition and crossbenchers to force the government to hand over feasibility studies on redeveloping ageing high-rise towers is to go to shadow cabinet.
Source: theage - 🏆 8. / 77 Read more »

Kerr spent time behind bars after alleged slur, court documents revealSam Kerr was held in a police cell following her alleged verbal abuse of an English police officer during a night out in London, court documents have revealed.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

US to build temporary Gaza aid port as Palestinians grow hungrierThe port would increase the amount of humanitarian assistance to Palestinians in the war-battered enclave by “hundreds of additional truckloads” per day.
Source: smh - 🏆 6. / 80 Read more »

Haiti crisis: heavy gunfire reported close to Port-au-Prince’s national palaceLarge-scale gang assault on multiple government buildings in capital reported as violence causes political crisis to spiral out of control
Source: GuardianAus - 🏆 1. / 98 Read more »