New South Wales could be hit with a massive $4.3 billion compensation fee if the port of Newcastle pushes ahead with plans to handle shipping containers.
Previously secret documents have revealed a massive hidden cost to NSW if the port of Newcastle is upgraded to handle shipping containers, with Treasurer Daniel Mookhey claiming"our kids and our grandkids" would still be managing the fallout.
Picture: Brendon Thorne/Bloomberg via Getty Images At a press conference on Thursday, Mr Mookhey questioned previous governments for signing off on the deal, as he argued it demonstrated the flaws in pursuing privatisation of major assets. "To put it in really simple terms, our kids and our grandkids will still be managing this liability come 2063."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Port of Newcastle’s container ambitions could cost NSW up to $4.3bDocuments commissioned during the facility’s privatisation, to be published today, show the owner of Port Kembla and Port Botany would be entitled to significant compensation.
Read more »
Victoria heatwave: Pitch Festival, Moomba festival cancelled as Melbourne, Adelaide and NSW swelterHeatwave conditions are forecast for South Australia, Victoria, NSW and Tasmania from Saturday to Monday.
Read more »
Coolangatta Estate property near Berry on the NSW South Coast tipped to sell for $24 millionHistoric Coolangatta Estate on the NSW South Coast includes a resort, award-winning vineyard and a popular wedding venue.
Read more »
Melbourne weather: Autumn heatwave leaves Victoria, South Australia, Tasmania and NSW swelteringVictoria, South Australia, Tasmania and NSW are experiencing the worst forecast heatwave of the year, throwing festivals and major events into chaos.
Read more »
South Coast Native Title holders file class action against NSW for cultural loss10,000 claimants are seeking damages for breaches of the Racial Discrimination Act which stopped people from passing on traditional practices.
Read more »
Mother drowns on NSW South Coast while attempting to save daughterA mother in her forties has drowned at Pebbly Beach on the South Coast of NSW on Tuesday.
Read more »