07-February-2012
Portfolio Media Releases
It is time for Finance Minister Penny Wong to stop distancing herself from the NBN and take a far more active oversight role on a project that threatens to be a massive drain on government finances.
Shadow Finance Minister Andrew Robb has written to Senator Wong in her capacity as shareholder minister for N.B.N. Co, which is both wholly government-owned and responsible for delivering the largest infrastructure project in Australian history in terms of cost.
“It must be remembered that the billions being pumped into the NBN, which will cost about $50 billion, in the name of taxpayers is all borrowed money which heightens the need for vigilance and accountability,” he said.
Mr Robb has called on Senator Wong to release monthly financial statements for N.B.N. Co in her name, in the same way Australian Government statements are released.
“In addition to updates regarding key financial activities, including equity injections, these statements should also provide updates in relation to contracts awarded, other acquisitions and expenses as well as staffing levels,” Mr Robb said.
It has been reported that N.B.N. Co has already awarded contracts worth more than $7 billion, but we have heard nothing from the Finance Minister about whether these decisions will present value for money to taxpayers.
“What ‘red flag’ mechanisms are in place to alert Penny Wong to potential N.B.N. Co activities that may not present best value outcomes and what veto authority does the shareholder minister have over decisions that are at odds with the interests of taxpayers?” Mr Robb asked.
“Penny Wong has tried to distance herself from the N.B.N. which could prove to be the nation’s biggest white elephant, when she should be all over it. She has an obligation to become more actively involved and sharpen her clear oversight role,” he said.