- Protect our land and water from mining.
- Honesty and integrity in politics
- Local jobs
- People before profits
- Improved heath and education services.

Friday, 4 November 2011

Audit exposes Labor's gentraders as dud deal of the century. Janet agrees.

Media release: 2 November 2011

The Auditor-General has exposed a $1.8 billion net loss of earnings because of the gentrader transactions, according to Greens NSW MP John Kaye.
Electrical Grid (courtesy Wikipedia.org)

Dr Kaye said: "Former Treasurer Eric Roozendaal stripped state-owned Delta and Eraring of $1.849 billion, and left them dependent on taxpayer handouts.

"The total transaction was only propped up by selling off the retailers. Households were sacrificed to the private sector to make the Keneally government's deal look good.

"We learn for the first time that Delta Electricity's liquidated damages will be funded at least in part by the state government.

"Money collected by taxes and charges will be given to the corporate owners of the gentraders, instead of being spent on teachers, nurses and bus drivers.

"There is just not enough income to cover the estimated $46 million in penalties that the state-owned Delta will pay TRUenergy for failures to deliver electricity.

"This is $46 million of NSW taxpayer subsidies going to inflate the dividends paid to shareholders of the Hong Kong-listed parent company, China Light and Power.

"The Cobbora coal mine deal remains clouded in secrecy with the Auditor-General calling on the O'Farrell government to release the details," Dr Kaye said.

For more information: John Kaye 0407 195 455

" Our teachers, nurses and other public service workers deserve better funding, not job losses and tight wage restrictions.

"The many taxpayers in this disadvantaged electorate are subsidising the shareholders of a Hong Kong-listed company because of Labor, Liberal and National party incompetence," said Janet Cavanaugh.

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