The Andrews Labor Government has today finalised the sale of Victoria’s share of Snowy Hydro Limited to the Commonwealth.
As part of the historic sale, Victoria will receive more than $2 billion from the Commonwealth that will benefit all Victorians.
More than 50 percent of the proceeds will be spent in regional Victoria, investing in projects such as the expansion of Wonthaggi and Ballarat Base Hospitals, the Shepparton Line Upgrade, and the regional Road Restoration Blitz.
The remaining proceeds will be spent on new and upgraded schools right across the state.
This contrasts to Matthew Guy’s plan to spend the proceeds in metropolitan Melbourne.
In an important win for Victorian farmers and the environment, the Government has ensured the agreement with the Commonwealth will not result in any changes to the State’s current water arrangements.
The Commonwealth has also provided assurances that conditions for those employed by Snowy Hydro Limited will not materially change, with no forced redundancies for two years for Victorian-based operations, and retail and head office locations also remaining unchanged.
New South Wales has also sold its stake to the Commonwealth and, together with Victoria’s sale, this paves the way for the Prime Minister’s proposed Snowy Hydro 2.0 initiative.
Snowy Hydro 2.0 is expected to boost the amount of renewable energy in the national energy market – and is consistent with the Andrews Labor Government’s energy policy commitments.
Quotes attributable to Treasurer Tim Pallas
“Today marks an historic achievement for our state and demonstrates how we can work together with the Commonwealth to deliver outcomes that benefit all Victorians.”
“The agreement with the Commonwealth is a win-win for Victorians, with current water arrangements remaining in place for our farmers and proceeds being invested in statewide productive infrastructure.”
“While the Liberals and Nationals want to spend the proceeds on their dud congestion-relocation-plan in Melbourne, Labor is putting the proceeds towards productive infrastructure right across the state.”
Reviewed 19 August 2020