The NSW government is forced to factor more than $5 billion of rail payments in to future budgets after the state's auditor-general criticises its 'unsophisticated' and 'poor' accounting.
After the auditor-general raised concerns about "deficiencies" in the accounting, the government proposed to take several measures to alleviate those misgivings.
The auditor-general raised concerns that the financial impact on the state budget would extend beyond the term of the current government. "At the end of the day, that $5 billion will be passed on to the consumers and passengers on public transport right throughout NSW … $5 billion can't be invented out of the clear blue sky.""You've got a situation where the New South Wales Premier tried to pull the wool over the eyes of the people of NSW, setting up an entity that they knew was trying to dud the books and obscure the true state of the NSW finances.
The saga has led to numerous recommendations by the auditor-general, including that the NSW Treasury significantly improve its processes to ensure all key information is identified and shared.
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