Snowy brain fart solidifies in $6bn bonanza

Friday, 2 March 2018

It’s here, via Domainfax:

NSW and Victoria will share a $6 billion “bonanza” from the sale of the iconic Snowy Hydro project in a deal that will pour new money into road and rail projects.

Prime Minister Malcolm Turnbull sealed the agreement with the two states late on Thursday to buy their stakes in the iconic scheme, clearing the way for a dramatic $4.5 billion expansion that promises more reliable power for the east coast electricity grid.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.