Auditor General’s performance audit report

The Department of Premier and Cabinet (DPC) welcomes the Auditor General’s Performance Audit Report into the unsolicited proposal process for the partial long-term lease of Ausgrid.

The transaction delivered gross proceeds of $16.2 billion to NSW and has already funded more than 100 projects, including public transport and roads, education, health, culture and sport, and water security.

An independent review undertaken by PricewaterhouseCoopers on behalf of DPC concluded that value for money was achieved and it was unlikely the proceeds from undertaking another trade sale process would have exceeded the final sale price achieved.

DPC disagrees with some of the Auditor General’s findings, particularly regarding uniqueness and value for money.

The Steering Committee comprising DPC, NSW Treasury, Department of Industry and the Crown Solicitor advised the Government that the proposal by IFM Investors and AustralianSuper met all the unsolicited proposal criteria. That advice still stands.

DPC remains committed to reviewing, evaluating and improving all policies and processes and will take into account the Auditor General’s feedback in doing so.