[Greens-Media] How to Keep the Snowy Hydro Australian? Don*t Sell It!: Greens

[Christopher Holley]

Media Release from NSW Greens MP Sylvia Hale
For more information: Chris Holley 0437 779 546 

How to Keep the Snowy Hydro Australian? Don't Sell It!

The measures announced by the NSW, Victorian and Commonwealth
government to keep the Snowy Hydro as an Australian company after it is
sold off are worthless, according to Greens MP Sylvia Hale. 

"The best way to keep the Snowy Hydro Australian is not to sell it."

"No-one is fooled by restrictions that only last for four years and can
then be voted out by the new private shareholders," said Ms Hale. 

"Minister Della Bosca has already told the parliament that Snowy shares
are to be offered to US investors. The Snowy is such a valuable piece of
infrastructure that once the governments surrender it to the markets
they will have no control over its ownership. Large international
investors will quickly move to take control of the company."

 Ms Hale said that the NSW government was acting with reckless
disregard for the potential damages it may have to pay for failing to
conduct the float in an orderly fashion. 

"The Minister highlighted the risks to the parliament last week. For
him to continue to push ahead with the sale in light of those risks
raises serious questions of potential maladministration," said Ms Hale 

"The Snowy sale is heading the same way as the airport rail link and
the Cross City tunnel. Taxpayers will again end up paying the price for
government arrogance and incompetence."

 "Given the overwhelming public opposition to the sale and the
potential legal and financial risks to taxpayers, the government should
suspend any further action until the parliamentary inquiry has completed
its investigation and its report has been made public." Ms Hale
concluded.  

For more information: Chris Holley 0437 779 546