Saturday, June 03, 2006

Community opposition stops Snowy privatisation

Community opposition to the Snowy sale saw end of the privatisation

Community opposition to the Snowy sale saw the end of its privatisation

"If NSW Premier Iemma had succeeded, he may well have been encouraged to take on the bigger task of following Victoria and South Australia in privatising the rest of the NSW power industry. But the collapse of the deal shuts down the privatisation window in NSW this year, and the Premier will have to find some other way to raise the money the privatisation was to have provided.

Gloomy investment bankers were speculating yesterday that the Snowy Hydro sale debacle would also blunt the appetite in NSW for full privatisation of the power industry, despite the fact that it could restore the state's finances."

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The Federal Opposition has welcomed the Commonwealth's decision to pull out of the sale of Snowy Hydro, saying similar moves should now be made with Telstra and Medibank Private.

Labor says state governments are being forced to privatise public utilities because of a lack of Commonwealth investment in infrastructure.

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