I support the motion of the member for Newcastle. We have seen our assets sold off, resulting in increased pressure on the cost of living. Cost of living is the one thing that this Government wants to get down, yet it is the one thing it has perpetuated while robbing the people of New South Wales of valuable public assets. I start with the privatisation of the Newcastle transport network and the disgraceful repercussions that has had for communities across the Hunter. What we got from that privatisation was poorer services, longer travel times and people left without any transport whatsoever. It is an abject failure and one that this Government should be ashamed of.
I note other instances of privatisation throughout the State. In his contribution the member for Newcastle mentioned the sale of Vales Point Power Station. In 2015 it was sold for $1 million. What a sweet deal that was, let me tell you! Of course, members know from media reports that recently it was sold for more than $200 million. Anybody who says that is a good deal needs their head read, quite frankly. The sale of that site caused much anxiety throughout the community. It puts both jobs and the community at risk, not to mention that we could be looking down the barrel of further price hikes when it comes to the delivery of power.
That brings me to the poles and wires this Government sold off. Data released by the Institute for Energy Economics and Financial Analysis confirms that power prices have gone up since privatisation. That is confirmed. Do not try to get out of it. We were told that we would receive a $130 reduction in bills, but that simply has not occurred and it will not occur. Between 2014 and 2021 energy networks collected 67 per cent in profits from those privatised electricity networks. That means every single household in New South Wales is paying $100 more for their electricity. The Government got a bit shaky on a couple, and we all remember those. What about when it tried to sell off our 11 sport and rec camps? That was a great idea. But the five public hospitals was my favourite. That included Wyong.
And Shellharbour, of course. It was only through committed community campaigns that we could save those very valuable assets in our local communities. I applaud every member who came into this Parliament. It is not just bout the community. We should also reflect on the comments about privatisation that were made by the then chairman of the Australian Competition and Consumer Commission, Rod Sims. For those who do not recall, Mr Sims delivered a keynote speech to the Melbourne Economic Forum in which he said that price gouging by inadequately regulated monopolies before or after privatisation aimed at buffering the sale price for cash-strapped governments—like this one—is the common thread that has led to his losing patience with governments' privatisation agendas. He is a pretty respectable man, and one whom I certainly respect.
He went on to say that price gouging, in which private organisations increase the prices of services, is turning him against privatisation after a professional lifetime of being a strong advocate for the efficiency-boosting powers of private ownership. Mr Sims went on to talk about the excellent example—which the member for Newcastle pointed out—and that is the Government's sale of the 99-year lease at the Port of Newcastle. The Government not only sold it for $1.75 billion to Hastings Funds Management and China Merchants Group but also put a deed in place to keep the port uncompetitive. I have a long list of all the privatisations that have been implemented by the Government since 2011. They include Eraring Power Station, Shoalhaven Hydro, Delta Electricity, Mount Piper, Wallerawang, an Ausgrid building in Sydney, Green State Power and Macquarie Generation. The Government has flogged off many properties at Millers Point. It sold off 13.5— [Time expired.]
