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Friday, 21 November 2008

NSW Lotteries sell-off to fill budget black hole

13/10/2008 8:30:00 AM.  | Victoria Owens
New South Wales lotteries could be the government's secret weapon to boosting the state's cash-strapped budget.

It’s no secret the state government has wracked up a billion dollar budget black hole.

But what most people don't know is that it has an emergency plan to fill the void if need be, by selling off NSW Lotteries.

The government stands to pocket around a billion dollars from the sale, the exact amount needed to keep the state budget from breaking point.

A senior labor figure has revealed they're actively considering the sale, after restricting NSW lotteries gaming licence to a year.

It has sparked mounting fears among lotto staff who are seeking to immediately meet with the public service association to discuss the possible sell off.

COMMENTS

Monday, 13 October 2008

If one sees a private company sell an income earning asset, one rightly concludes that they are in deep trouble. I cannot see why government doing the same is any different. NSW already has sold off Freight Rail, now earning money for somebody else (was Patricks, now Toll I believe). Where is the lasting benefit from the sale ? Nowhere to be seen. Where is the continuing income - off with the purchaser. Same with GIO, same with Telstra, etc. If it makes money, that is no reason to sell it

Posted by: Mick S, Central Coast

 
 

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