Letter to the Editor - Asset Recycling
30th June 2017
I write in response to letters from Mr Alan Metcalf (23/6) and Clr John Gilbert (26/6) regarding the State’s assets. They both tell a selective story about ‘Sell off’. In 2011 NSW had an infrastructure backlog of $40 billion; a net worth of $160 billion including net debt of nearly $40billion; and expenses growth continually exceeding revenue growth. This manifested as ageing assets in our schools, hospitals, police buildings, train fleet, TAFE capital works, state roads, ports and even state owned art galleries and other social and sporting facilities. The school maintenance backlog had reached an unconscionable $1 billion.
Labor’s management of the State’s finances and assets represented nothing less than inter-generational theft. In 2011, NSW was limping by at the bottom of the economic performance ladder, leaving asset renewal and crushing debt servicing to future generations.
The NSW Liberal National Government’s strategy of asset recycling has enabled us to pay down our debt (currently we are in negative debt); build our net worth to $225 billion (a 40% increase); commence Inter City train fleet renewal$2.3 billion; Schools modernisations $4.2billion;$41 billion on transport and roads; Hospital upgrades $7.7 billion; bring our Police stations into the 21st Century; and commit $725 million to breaking the back of the school maintenance backlog.
NSW is now the leading economic performer in the country and that means opportunity for our businesses and workers. We are in a better position to support the more vulnerable in our society. These hard decisions and the State’s economic turnaround has been fiercely resisted by the ALP at every turn.