It was only recently that the QIC bought the Clem7 tunnel — a transaction that helped cut the massive debt of the Brisbane City Council that started to skyrocket under Campbell Newman as Lord Mayor and is now more than $2.2 billion. Thats why it is intriguing that reports today suggest the QIC is planning to offload its toll road investments because it is ‘too exposed’ in the tollways sector.Those same reports also note that through its defined benefit super fund the QIC is one of the potential buyers of the Airport link toll tunnel. The sale of the tollways would represent the loss of more state assets without the approval of voters. If the QIC sells Queensland Motorways, the business and its revenue are lost to the public sector for good. Motorists will also lose the ability to have their say on toll rises through the ballot box. The Premier has said he would contemplate asset sales only ‘after telling people upfront prior to an election’. Thats clearly not the case with the more than $3.3 billion sold without permission already this term, including seven Brisbane CBD office buildings for $226 million LESS than the book value (which the government will now pay rent on instead of owning). Absolute financial ineptitude...
Posted on: Fri, 08 Nov 2013 07:49:12 +0000
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