A scathing NSW auditor generals report has heavily criticised state Treasury accusing it presenting inaccurate forecasts and forcing the government to lift its contribution to fund future rail assets by $5.2 billion.
The NSW budget has suffered a $5.2 billion blow after the Auditor-General demanded major changes to the accounting treatment of transport assets before she would sign off on the state accounts.Transport Asset Holding Agency
She said the audit was significantly delayed by “protracted disagreement over the treatment of the government’s cash contribution to TAHE”.“This matter was further frustrated by the fact that information was withheld and not shared with my office on a timely basis,” she said. The change meant government spending on the maintenance or upgrade of the heavy rail network is capitalised with the expectation that the government will receive back from TAHE a similar level of dividend.
“It’s clear that government and Treasury were engaging in misleading and deceptive conduct as they raced to stop the TAHE from detonating the state’s budget. “Our review of all evidence received prior to 14 December indicated the GGS’s expected returns were below the long-term inflation rate and that there was no expectation it should recover a significant asset revaluation loss.
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