28b hole in qld asset sale plan labor 20140422 p5s6ef.html – Breaking News & Latest Updates 2026
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This was published 12 years ago

$28b 'hole' in Qld asset sale plan: Labor

AAP

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Labor says it has found a $28 billion hole in the Newman government's proposal to pay down Queensland's debt.

A new website launched by Treasurer Tim Nicholls claims that just over a third of the state's $80 billion debt would be wiped if the private sector funds infrastructure upgrades for Powerlink, Ergon and Energex in return for a slice of equity.

Shadow Treasurer Curtis Pitt says the plan will result in future savings, but it won't result in a $28 billion chunk of cash to retire debt.

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"Clearly that course of action does not lead to the reduction in debt in Queensland," he said.

"If this is deliberate it's very concerning, if not, it is simply incompetent.

"This website is fatally flawed, it is misleading and must be removed immediately."

The government is spending $6 million on an advertising and information campaign, as it battles unions over its proposal to offload up to $32 billion worth of assets.

Its new interactive website gives Queenslanders the opportunity to give feedback on how to wipe up to $30 billion worth of debt.

It suggests Gladstone and Townsville ports and the Mt Isa Rail line could fetch $1.69 billion and the sale of electricity generators CS Energy and Stanwell and Ergon's retail business will raise $3 billion.

The Electrical Trades Union has challenged the treasurer to debate asset sales with Professor John Quiggin, who penned a report in February warning that power bills could rise is assets are sold.

"Here's a chance for you to come out from behind your PR minders and have a debate with someone who has put forward a legitimate, well researched alternative view," ETU state organiser Stuart Traill told Mr Nicholls.

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Comment has been sought from the treasurer.

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