The Liberals’ Brendan Smyth is wanting to know how things have gone so horribly wrong for the very well remunerated executives at ACTEW?
“Last week, Canberrans learnt that they will be paying 5 per cent more for their water to keep ACTEW afloat, as opposed to enjoying a 16.9 per cent decrease in their water bills as initially proposed by the ICRC.
“Today we revealed that the recent price determination could create a $100 million black hole in the Territory’s Budget and a question over $400 million through potential asset impairment in the out years.
“The questions beg to be asked: how did shareholders Katy Gallagher and Andrew Barr allow ACTEW to get into such a precarious financial position? Why do Canberrans need to pay more to secure the financial viability of a company with a monopoly on the Territory’s water?
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“With the price exploding from $145 million to over $400 million, $400 million in doubt, no plans to pay back the capital, under reporting of salaries, and now a $100 million hole in the budget, I call on this government to finally admit there are serious questions concerning the operation at ACTEW and begin a full performance audit by the Auditor General,” concluded Mr Smyth.