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53371The NSW Labor conference

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  • bobgould987
    Apr 30, 2008
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      The issues involved in, and the consequences of, electricity privatisation

      The economic arguments advanced for electricity privatisation by Mick
      Costa, Morris Iemma and Ian Macdonald are completely unsound. They've
      been thoroughly refuted by the veteran public infrastructure
      economists, Bob and Betty Con Walker.

      The Walkers have pointed out that the electricity system in the
      2006-07 financial year returned a profit of $1.542 billion, or between
      25 and 30 per cent of equity, which in any financial terms is pretty
      good, and explains a bit about why private interest want to get their
      hands on these public assets.

      Mick Costa started out a few months ago saying sale of the electricity
      system would realise $15 billion, but the figure most often cited now
      is more like $10 billion. In a few months, this vital asset has
      quietly been discounted by 30 per cent, and who knows what cozy deal
      would eventually be cooked up behind the cloak of commercial
      confidentiality?

      Full: http://tinyurl.com/68oedf
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