Investment bank gets $16.5 million to sell off WestConnex

November 18, 2017

Investment bank Goldman Sachs is set to reap $16.5 million in NSW taxpayers' funds for a mere 11 months work as financial advisor to the state government on privatisation of the controversial $16.8 billion WestConnex tollway. The money will be paid for work between August this year and next July, in flogging off 51% of the Sydney Motor Corporation (SMC) which is building WestConnex.

The corporate vampires are circling as the sell-off process advances, with Transurban the favorite to buy WestConnex. Transurban already owns most of the toll roads in Sydney.

Meanwhile, the state government has rejected an unsolicited proposal from property and construction company Lendlease to build a toll road linking Sydney Airport and Port Botany to WestConnex.

Facing increasing opposition from motorists to the imposition of yet more exorbitant road tolls, the government baulked at commencing a new tollway project. This means the link between the airport and the port remains unresolved — despite that being the primary stated reason for the construction of WestConnex in the first place.

The community campaign against WestConnex continues with resident action groups circulating an online petition calling on the government to reject the WestConnex Stage 3 Environmental Impact Statement and refuse its approval for Stage 3 of WestConnex.

A coalition of action groups against Westconnex has called a major rally under the broad theme of "Fix NSW Transport," for February next year.

Like the article? Subscribe to Green Left now! You can also like us on Facebook and follow us on Twitter.


You need Green Left, and we need you!

Green Left is funded by contributions from readers and supporters. Help us reach our funding target.

Make a One-off Donation or choose from one of our Monthly Donation options.

Become a supporter to get the digital edition for $5 per month or the print edition for $10 per month. One-time payment options are available.

You can also call 1800 634 206 to make a donation or to become a supporter. Thank you.