‘Asset recycling’: Another giant privatisation scam

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.

Another $1 billion in sales is forecast for the coming three years, taking the total projected sales under the Coalition government to more than $10 billion over its two terms in power. Overall, the state government’s “asset recycling program” of selling off assets, supposedly to invest in new infrastructure, has resulted in government divestment of more than 20,000 properties, up to the last financial year.

With total NSW government property holdings estimated at about $140 billion, the Coalition’s planned sell-off represents about 7% of the state’s property assets.

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