The Mike Baird Coalition government sold $1 billion of state-owned property in 2013 and 2014, escalating its neoliberal drive to privatise public assets. Office blocks, hospitals, schools and even an island are on the block in this wholesale theft of the people's property, in the interests of the banks and big business.
In 2011–2012, the state government sold assets worth $5 million. In late 2012, it established a new agency, Government Property NSW, to identify and manage the state's substantial real estate holdings.
Sales to property developers in recent years include seven office blocks worth $400 million, the Ausgrid building in Sydney's CBD for $151 million and justice precinct buildings in Parramatta for $170 million.
Currently for sale are Peat Island and nearby foreshore land at Mooney Mooney, on the Hawkesbury River, with plans to develop a private housing estate, marina and retail hub.
Emeritus Professor of Economics at Sydney University Frank Stilwell told the ABC it was bad economic management for the government to sell increasingly valuable assets at a time when it could borrow the money so cheaply.
"As a citizen it makes me angry and as an economist it makes me very sad because there's no great economic logic at work here," Professor Stilwell said.
"This is short-term interest being pursued against the long-term interest of the people, and I think people are smart enough to see that this is not a good economic strategy."
Stilwell said the government should be leasing under-utilised buildings, rather than selling them.
"The problem is that the sale of real estate assets tends to be done in dribs and drabs and isn't quite as visible as the sale of electricity poles and wires, for example.
"So it tends to be done rather out of sight. But as soon as the people come to see what is happening, I think one can expect they will see it as bad economics, substituting short-term revenues for long-term economic management," Professor Stilwell said.
State independent MP for Sydney Alex Greenwich told the October 28 Sydney Central newspaper: "The government is looking at everything in dollars and cents, and selling off everything we have in short-sighted fashion.
"We are talking about everything from poles and wires, public housing, the Powerhouse Museum and state-owned sandstone properties across the CBD. And, of course, a number of our precious parklands and green spaces are being privatised.
"Look at the situation with Barangaroo, prime harbourfront public land that was effectively handed over to property developers to a build a casino."
Baird's much-heralded "asset recycling" strategy is nothing more than a gigantic con-game. Flogging off the people's property at bargain-basement prices to the Coalition government's big-business backers represents, in effect, the biggest corruption scandal in the state's history. Baird and co will some day be brought to account for it by the community.
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