Invest the Snowy Hydro proceeds in Regional NSW

In May 2017 Labor announced that it would support the transfer of NSW’s share of Snowy Hydro to the Federal Government if there was a guarantee that the scheme remained in public ownership and if every dollar from the proceeds was invested in regional NSW.

Labor introduced the Snowy Hydro Corporatisation Amendment (Restriction on Sale) Bill to ensure that every dollar that NSW receives is invested in infrastructure in regional NSW.

Every single dollar.

Labor moved to legislate because the Liberals and Nationals have squandered billions of dollars in cost blowouts on projects in Sydney.

The Westconnex has increased from $10 billion to $16.8 billion and the CBD light rail has blown out by $500 million to $2.1 billion. 

The result of this mismanagement is that the regions have been starved of funds.

The Auditor General has measured the neglect.

In 2016-17 only fourteen per cent of infrastructure spending was directed to projects in rural and regional areas.

The Liberals and Nationals are directing the money to cost blowouts and a mega tunnel to the northern beaches.

Regional and rural New South Wales has been robbed of its entitlement.

Labor has a clear plan for the proceeds of the Snowy.

All of it will go to the regions to secure new investment in hospitals, schools, safer roads and improved rail. This is infrastructure that will create employment and grow regional economies.

In February 2018 the Liberals and Nationals adopted Labor’s policy, but their record says they can’t be trusted on this issue. 

Only Labor will ensure that the entire proceeds are spent where it is needed, in rural and regional New South Wales.