I’ve said it before (see below) and impose on your patience one more time : the people who blocked electricity privatization in NSW when I and Michael Egan, then State Treasurer, proposed it in 1997 bear a terrible burden. A clean-cut sale of retail and generation would have sunk $30 to $35 billion into the State’s budgets and its capital programs and delivered enormous benefit to workers and their families, the base of the Labor Party. But the party conference let them down badly, denying its own government the means to do even more than it was doing (a record $61 billion infrastructure program over 10 years among other things).
And the State Coalition is compromised by blocking Morris Iemma’s package.
I’ll leave Eric Roozendaal to explain where this compromise proposal leaves us. But nobody could say it rates comparison with the straight forward plan of 1997, blocked by political idiocy.