Wastewatch: $500M Wasted by Berejiklian

Wastewatch Chair, Hugh McDermott has slammed NSW Premier Gladys Berejiklian for wasting $500 million of taxpayer money by ordering Ausgrid to convert its long-term debt to short-term debt on April 20 last year, when Ms Berejiklian was NSW Treasurer. 

A story published in Tuesday's Financial Review (link: http://bit.ly/2jnVjmm) describes the arrangement, "like paying off a 30-year mortgage by maxing out your credit card," and "no sensible company would do this."

Quotes attributable to Wastewatch Chair, Hugh McDermott:

"Ms Berejiklian's mismangement of Ausgrid debt cost NSW taxpayers $500 million"

"It's an example of more financial incompetence and waste by the Liberal-National Government."

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