property sales

The NSW Coalition government has sold off more than $9 billion in publicly-owned property since it took power six years ago, a state parliamentary inquiry was told on September 4.

"Over the last six years ... approximately $9.14 billion of real property assets have been recycled [sold or leased] by government agencies," the CEO of Property NSW Brett Newman told a Budget Estimates hearing.

The NSW government owns about 277,400 properties. Their combined commercial worth, according to finance minister Dominic Perrottet is $60 billion.

Most of the property is commercial, built up over many decades by successive Labor and Coalition governments, and financed by NSW taxpayers, on behalf of whom the present NSW government holds them in trust.

But the Mike Baird government doesn’t get this “holding in trust” thing. They believe the assets are theirs to sell; and this is precisely what Perrottet intends to do.

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