Register  
Snowy Hydro not for sale
Friday, 2 June 2006 12:21pm

The Prime Minister has announced today that the plan to privatise the Snowy Hydro has been shelved amid massive public outrage.

With the Commonwealth withdrawing its backing NSW Premier Morris Iemma said the deal was almost impossible to proceed with. The plan to privatise Snowy Hydro had received huge media coverage and was expected to easily achieve a full subscription on its initial public offering (IPO).

Prime Minister Howard said the government was now opposed to the sale. "The decision to sell has created a lot of unhappiness in the Australian community, right across the political spectrum,'' Mr Howard told the Sydney Morning Herald.

"I am not such a zealot about privatisation that you sell everything under the sun irrespective of the circumstances.''
NSW Premier Iemma said the Commonwealth's decision made it too impractical to continue with his plans to privatise the Snowy Hydro, though he still stood behind the proposal.

Blogs
Follow the industry experts.
Christopher Page
Christopher Page
Managing Director

Breaking out from the FoFA catch-22
Ever since the first draft of the Future of Financial Advice (FoFA) legislation came out, the advice sector has been trapped in a very ...read more
 
Benjamin Ong
Benjamin Ong
Chief Economist

Reflation, rotation and the taper
'Tis being my final type (drivel, to some gentle readers) for the year, we'll take a look back at the 2013 that was to seek the lessons ... read more
 
Alex Dunnin
Alex Dunnin
Director of Research & Editorial Services

MySuper: our verdict is in
Has MySuper worked? Has it lowered fees, simplified superannuation products, lifted returns and made people better off? Yes, yes ... read more
News Search   
VideoBrought to you by
Why Multi-Asset Solutions?
Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management talks about the advantages of objective-based investing in the multi-asset space. Watch video
Managed Accounts Forum 2014 Highlights
Around 150 delegates attended Financial Standard's inaugural Best Practice Forum in Managed Accounts held in Sydney in August. Financial Standard also launched a new magazine: FS Managed ... Watch video
Colonial First State Multi-Asset Real Return Fund
Find out more about the investment philosophy and objective of the Colonial First State Multi-Asset Real Return Fund. Senior Portfolio Manager, Kej Somaia explains. Watch video
The New Neutral
At this year's PIMCO Secular Forum, the company's global executives set themselves the challenge of taking a three to five year view and anticipate where the market would be against what investors would ... Watch video
Introduction to Series #07
What are the key challenges advisers face when building retirement portfolios for clients? Watch Joe Fernandes, Head of Global Investment Solutions at Colonial First State Global Asset Management. Watch video
Get it
Daily
FREE to your inbox, get the Financial Standard Daily Email.
Get the Free
iPad app
Download the Financial Standard iPad app for FREE
Industry
Events
OCT
01
OCT
07
Major Market Players Symposium
14
Unlock the value of diversification with mFund
15
Investment Performance Measurement, Attribution & Risk Management
16
Unlock the value of diversification with mFund
20
Family Office Forum
News
Bites

$245 (inc GST) for 1 year
 
 
Copyright © 1992-2014 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
Link to something eixgDvmC