Queensland’s electricity network could be leased

Queensland Treasurer Tim Nicholls has revealed a huge overhaul of the government’s asset sales agenda, including the hugely unpopular sale of the state’s electricity network.

The poles and wires of the network could be leased to a private entity for 50 to 99 years, effectively privatising the entire sector, when the LNP unveils its final asset sales plan in the next fortnight.

Treasurer Nicholls said the Newman Government would take a revised plan to the next election, suggesting a heavier emphasis on leasing options.

“I want to say today that we are listening to what people are telling us, we are listening to the feedback from Queenslanders,” he told a business breakfast.

“We are reshaping that draft plan. In the next couple of weeks, we’ll finalise the plan that we will take to the election and it will be different to the draft plan.”

Treasurer Nicholls argued the move would mean Queenslanders would regain ownership of the network at the end of the lease period.

Terms of the lease haven’t been released.

The Queensland Government’s asset sales plan is to fund an $8.6b infrastructure fund.

It’s not yet clear how any changes might affect the major works fund.