Government Property – Our State for Sale

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For some strange reason, the New South Wales Government has been acting more like a Real Estate agency than a Government for the people lately. The result is that we, the taxpayers of New South Wales, own an awful lot less today than we did a few years ago.

In the 2014/15 financial year, the Government sold $346 million worth of Government buildings. For this financial year they are planning to sell $865 million worth! Most bizarrely of all, many of the buildings will then be leased back to the Government for terms of ten or fifteen years, so that the new owner will more than make their money back.

It won’t surprise you to learn that buyers have been queuing up around the block to get their slice. It’s a terrible deal for the State, with private owners making huge, easy profits at the expense of the taxpayers.

A local example is the Hunter Water Headquarters on Honeysuckle Drive in Newcastle. It is being sold off by the Government, and guess where the money’s going? It’s not staying in the Hunter, with the Hunter Water customers who paid for the building. It’ll be going to Sydney, to fund one of the Government big infrastructure promises.

The assets generate income which pays for our hospitals and schools. By selling them off for a quick buck, the Government is creating a huge problem for our future.