New information has shown the Liberals are preparing to provide a massive Marinus bailout of between $80 and $110 million.
After 10 years trying to build Marinus, and with $130 million already spent to date, the Liberals' mismanagement of the project is costing Tasmanians dearly.
A letter from the shareholding Ministers to TasNetworks, revealed in yesterday's Pre-Election Financial Outlook Report (p14), outlines that an equity contribution will need to be made later this year and the bill will keep rising as Nick Duigan and Michael Ferguson fail to get the deal signed to establish a new entity jointly owned by the Australian, Victorian and Tasmanian Governments.
The special purpose vehicle was to be in place in March 2023, but never happened with Michael Ferguson instead writing to the Prime Minister saying he was not sure if the project was in Tasmania's best interests.
Treasury states in its report that that the finalisation of the agreement will impose risks and obligations on the Government.
The Liberals have already spent 10 years and $130 million trying to build Marinus and have not even made financial investment decision on the project. The update shows they can't even get the paperwork right and it is set to cost Tasmanians even more money.
This is more evidence that Tasmanian Labor's position to exit Marinus as soon as possible is the right one for the for State. It beggars belief that the Liberals are committing to not exercising an option that they put in the agreement themselves.
After 10 years of the Liberals, Tasmania's budget is weighed down by record $6.1 billion in debt and a $600 million deficit. Tasmania can't afford to give them 14 years.
Dean Winter MP
