[Greens-Media] Ports sell-off privatises the profits, dumps risks onto taxpayers

[John Kaye]

Ports sell-off privatises the profits, dumps risks onto taxpayers 
 
Media release: 18 October 2012
 
Households and taxpayers could be worse off under new legislation to facilitate the 99 year lease of Port Botany and Port Kembla, according to Greens NSW MP John Kaye. 
 
The O'Farrell government's Ports Assets (Authorised Transactions) Bill 2012 is expected to be debated in the NSW Upper House next week after passing the Lower House last night. 
 
The passage of the legislation will depend on the votes of the conservative crossbench MPs in the Shooters and Fishers Party and Christian Democratic Party as the Greens and Labor do not support the bill. 
 
Dr Kaye said: "The Coalition's privatisation agenda is about to claim Port Botany and Port Kembla. It will not just rob the state of vital long term income streams and threaten public sector workers' jobs. 
 
"The O'Farrell government's legislation also hands Treasurer Mike Baird the power to sell-off valuable public assets while retaining responsibility for any of the ports' liabilities with NSW taxpayers.
 
"This legislation allows the Treasurer to fatten up the ports for sale at the expense of future taxpayers and households.
 
"Mike Baird's ports sell-off bill mirrors arrangements for his sale of the state's electricity generators.
 
"This is not new. Labor's gentrader power sell-off dumped taxpayers with responsibility for paying millions of dollars in compensation to the private owners after the Eraring generator was shut down and could not meet the terms of its Gentrader contracts.
 
"Under the new ports sell-off legislation, any failure or accident could land the state with a massive compensation bill to the private owners for lost income. 
 
"Next week the NSW Upper House will once again be voting on a bill that will allow the private sector to make the profit, while forcing the public purse to bear all the risks and liabilities for generations to come.
 
"Under Treasurer Mike Baird's legislation employees will only retain their current wages and conditions for two years. After that, their jobs will be at the mercy of the new private owners. Older workers will be the first on the chopping block.
 
"All of us will end up paying for the massive profits of the corporations," said Dr Kaye.
 
For more information:       John Kaye 0407 195 455