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 OZschwitz: $15b state asset fire sale

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RR Phantom

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OZschwitz: $15b state asset fire sale Vide
PostSubject: OZschwitz: $15b state asset fire sale   OZschwitz: $15b state asset fire sale Icon_minitimeWed Jun 03, 2009 3:02 am
THE parlous state of Queensland's finances was underlined yesterday when the Bligh Government announced $15 billion worth of assets would be sold.

A slump in GST revenue, mining royalties and property taxes has stalled the state that was once considered the engine room of the national economy.

In an effort to return the budget to surplus, roads and government-owned rail, road, port and forestry infrastructure will be sold over the next three to five years.

In a further money-saving initiative, the eight cents-a-litre fuel subsidy will be abolished next month, saving $2.4 billion over four years.

The mass privatisation, announced before the state budget on June 16, is aimed at helping Queensland regain its AAA credit rating. The rating was downgraded on the eve of the state election in March, after the Treasurer, Andrew Fraser, revealed a $1.6 billion budget deficit.

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