The Victorian road lobby is at it again. Fresh from being defeated on the East-West Link, the rent-seeking tollroad builders have been given a construction gift in the form of a massive new project in Melbourne’s east.
The WestConnex privatisation “involves arguably the biggest misuse of public funds for corporate gain in Australian history”, Sydney University transport analyst Chris Standen wrote on September 3.
Standen was commenting on the August 31 announcement by the New South Wales Coalition government that it was selling off 51% of the controversial WestConnex tollway complex to a Transurban-led consortium for $9.3 billion.
Activist group No WestConnex: Public Transport not Motorways (NOW PT) has called for a halt to the tender and construction processes for WestConnex, including the acquisition of homes and businesses for all stages of the project and demanded the NSW government conduct a full parliamentary inquiry into WestConnex.
Karl Fitzgerald, 3CR’s Renegade Economist, spoke to independent investigative journalist Michael West (Michaelwest.com.au) about Transurban and its control of Australia’s toll roads.
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Let’s start with some numbers: traffic was up just 1.4% on Transurban toll roads over the past six months, but toll revenues were up 9.6% and the earnings before tax trickery by 11.6%. But its net profit was up a staggering 280% in just six months. What does that mean?
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.
The biggest privatisation scam in NSW history is about to start as the NSW Coalition government prepares to sell off the $17 billion WestConnex tollway. The government and its project adviser Goldman Sachs are expected to start a market-testing exercise, with a deadline of October for expressions of interest from major private corporations.
Lord Mayor Clover Moore has announced the Sydney City Council will permanently close council-owned roads to restrict the impact of traffic from the controversial WestConnex tollway on local residents.
A map sent to the group No WestConnex: Public transport, not motorways by an insider has revealed plans for Stage 4 of WestConnex. Beginning with the Western Harbour Tunnels, this $11 billion, 22 km tunnel system is being readied before the planning has finished on Stage 2 and without any connection to Sydney Airport.