Thursday, 11 November 2010

Bligh and Fraser sell Port of Brisbane … to themselves

Regular contributor, Dee, prompted me to cross-post this piece from John Quiggin
Bligh and Fraser sell Port of Brisbane … to themselves
According to the Brisbane Times, the Bligh government has just sold the Port of Brisbane to a consortium led by the Queensland Investment Corporation. This must have been a tough negotiation, given that the QIC website states
As a Queensland GOC, QIC’s shareholding Ministers are the Honourable Anna Bligh MP, Premier and Minister for the Arts, and the Honourable Andrew Fraser MP, Treasurer and Minister for Employment and Economic Development
Note: As with the QR sale, it looks as if the government has retained about $1.3 billion of debt in the Port of Brisbane Corporation, which now has no assets, so the net proceeds will be less than half the announced price of $2.3 billion.
I also love one of his tags for the piece - "bonehead stupidity".  It should be well worth following the comments on John's page during the day

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