logo
  • National

    National

    STEM review: Schools and universities are sending the 'wrong signals' to students, chief scientist finds
    • 21/04/2018 12:08:27 AM
    • 19

    STEM review: Schools and universities are sending the 'wrong signals' to students, chief scientist finds

    Boy rescued after being buried alive on South Australian beach
    • 20/04/2018 9:37:42 AM
    • 16

    Boy rescued after being buried alive on South Australian beach

    Five largest consulting contracts add up to nearly $100 million
    • 20/04/2018 9:38:00 AM
    • 12

    Five largest consulting contracts add up to nearly $100 million

    Private school enrolments projected to flatline as parents choose public
    • 22/04/2018 12:19:02 AM
    • 10

    Private school enrolments projected to flatline as parents choose public

  • World

    World

    Turnbull asserts Australia's 'perfect right' to sail South China Sea
    • 20/04/2018 6:33:45 AM
    • 29

    Turnbull asserts Australia's 'perfect right' to sail South China Sea

    I'm a monarchist, but is it time to swear allegiance to the republican cause?
    • 22/04/2018 12:07:13 AM
    • 11

    I'm a monarchist, but is it time to swear allegiance to the republican cause?

    We can't engineer a way out of the cramped hell of Bangladesh camps
    • 22/04/2018 12:07:03 AM
    • 10

    We can't engineer a way out of the cramped hell of Bangladesh camps

    Democratic Party sues Russia and Trump, blaming election loss on collusion
    • 21/04/2018 3:32:08 AM
    • 9

    Democratic Party sues Russia and Trump, blaming election loss on collusion

  • Business

    Business

    Super funds shy on backing climate change votes
    • 20/04/2018 2:45:28 PM
    • 27

    Super funds shy on backing climate change votes

    Westpac adviser's misconduct driven by bonus payments
    • 20/04/2018 12:37:31 PM
    • 19

    Westpac adviser's misconduct driven by bonus payments

    Elderly pensioner widow charged thousands for dud advice
    • 20/04/2018 7:01:26 PM
    • 12

    Elderly pensioner widow charged thousands for dud advice

    NAB to take $755m restructuring charge in half-year results
    • 20/04/2018 3:02:56 PM
    • 9

    NAB to take $755m restructuring charge in half-year results

  • Technology

    Technology

    TechKnow
    • 22/04/2018 12:17:23 AM
    • 24

    TechKnow

    The Netflix star still rising as it avoids tech backlash
    • 22/04/2018 12:08:41 AM
    • 10

    The Netflix star still rising as it avoids tech backlash

    Elon Musk's tunnel project just got a major boost
    • 20/04/2018 3:20:31 AM
    • 7

    Elon Musk's tunnel project just got a major boost

    Florence review: wordless love story is brief and breathtaking
    • 21/04/2018 1:54:37 PM
    • 7

    Florence review: wordless love story is brief and breathtaking

  • Sport

    Sport

    AIHL: Canberra Brave's Per Daniel Goransson, Kai Miettinen, Wehebe Darge in Australian team
    • 20/04/2018 5:58:32 PM
    • 11

    AIHL: Canberra Brave's Per Daniel Goransson, Kai Miettinen, Wehebe Darge in Australian team

    El Dorado Dreaming set to keep champagne flowing for owner-breeder
    • 20/04/2018 5:53:16 PM
    • 10

    El Dorado Dreaming set to keep champagne flowing for owner-breeder

    Matildas lose Asian Cup final to Japan after 84th-minute goal
    • 21/04/2018 5:10:30 AM
    • 10

    Matildas lose Asian Cup final to Japan after 84th-minute goal

    Holly Abbey celebrates double medals at surf life saving titles
    • 20/04/2018 2:54:52 PM
    • 9

    Holly Abbey celebrates double medals at surf life saving titles

  • Entertainment

    Entertainment

    Doctor Blake Mysteries to return without Craig McLachlan
    • 20/04/2018 12:00:31 PM
    • 18

    Doctor Blake Mysteries to return without Craig McLachlan

    Musician Brian Hooper has died, a week after his final performance
    • 20/04/2018 4:01:35 PM
    • 18

    Musician Brian Hooper has died, a week after his final performance

    Anzac Day 2018: artist pays tribute to creatures that went to war
    • 20/04/2018 12:33:55 PM
    • 11

    Anzac Day 2018: artist pays tribute to creatures that went to war

    Prince had no idea he was taking deadly fentanyl, prosecutor says
    • 20/04/2018 3:40:10 AM
    • 8

    Prince had no idea he was taking deadly fentanyl, prosecutor says

  • Lifestyle

    Lifestyle

    Adam Liaw's cider pork stew, and mushroom and tarragon toast
    • 22/04/2018 12:06:27 AM
    • 183

    Adam Liaw's cider pork stew, and mushroom and tarragon toast

    Faith: The spirit of generosity is a rare gift
    • 22/04/2018 12:13:20 AM
    • 21

    Faith: The spirit of generosity is a rare gift

    The old Sydney harbour apartment transformed for 21st-century living
    • 22/04/2018 12:06:06 AM
    • 11

    The old Sydney harbour apartment transformed for 21st-century living

    Sunrise star Edwina Bartholomew weds her long-time beau
    • 21/04/2018 7:11:18 PM
    • 9

    Sunrise star Edwina Bartholomew weds her long-time beau

  • Video

    Video

    Miraculous Ladybug
    • 21/04/2018 7:01:24 PM
    • 913

    Miraculous Ladybug "S02E14" Season 2 Episode 14 SYREN [Full Episodes]

    [ENGLISH DUB] Miraculous Ladybug - Season 2 Episode 14 - SYREN
    • 21/04/2018 10:13:51 PM
    • 318

    [ENGLISH DUB] Miraculous Ladybug - Season 2 Episode 14 - SYREN

    Miraculous Ladybug Season 2 Episode 14 Full Episode
    • 21/04/2018 11:34:40 AM
    • 281

    Miraculous Ladybug Season 2 Episode 14 Full Episode

    【EP.2】陈赫Selina相爱相杀 郑恺昆凌默契搭档竟被鹿晗蓝盈莹PK?《奔跑吧2》20180420 Keep Running S2 [ 浙江卫视官方HD ]
    • 21/04/2018 3:22:31 PM
    • 89

    【EP.2】陈赫Selina相爱相杀 郑恺昆凌默契搭档竟被鹿晗蓝盈莹PK?《奔跑吧2》20180420 Keep Running S2 [ 浙江卫视官方HD ]

Business

http://www.24australia.xyz/business/beware-privatisation-that-hinders-competition/56209-news
Beware privatisation that hinders competition
  • 12/04/2018 12:49:14 AM
  • 15

Beware privatisation that hinders competition

Australia’s consumer watchdog chief, Rod Sims, is a long-term advocate of privatisation. But he's on the brink of changing his mind.

Why? Because Australian governments keep sacrificing the long-term good of the economy in a bid to artificially boost the price of assets they put on the market.

Sims, who is chair of the Australian Competition and Consumer Commission, said in a recent speech he was "almost at the point of opposing privatisation because it's been done to boost proceeds, it's been done to boost asset sales and I think it's severely damaging our economy".

A few years after the privatisation of NSW’s three biggest ports, NSW voters are beginning to get a sense of why Sims is so frustrated.

ACCC chairman Rod Sims said penalties need to be higher.
ACCC chairman Rod Sims said penalties need to be higher.  Photo: Alex Ellinghausen

In April 2013, then NSW treasurer Mike Baird declared the $5.1 billion long-term lease of Port Botany and Port Kembla together “a great win for NSW”. A year later he announced another “momentous result” with his $1.75 billion privatisation of the Port of Newcastle, the world’s biggest coal port.

But in mid-2016 The Newcastle Herald published a secret document that must have had Rod Sims rolling his eyes.

It was a confidential “Port commitment” obliging the operator of a future Newcastle container terminal to pay a compensation fee (called a "cross payment" by the NSW government) to the operator of Port Botany and Port Kembla once it had moved a relatively small share of the containers that arrive in the state each year.

That helped boost the price the NSW government received for the long-term of lease of Port Botany and Port Kembla.

Photo
Photo Photo: Jon Reid

But now a report by Deloitte, commissioned by the Port of Newcastle, has drawn attention to the potential downsides.

Even though Newcastle port operators knew about the restrictions when they took on the long-term lease, they would now like to diversify into handling containers.

But the Port of Newcastle would have to pay about a $100 "cross payment" for each container unit it moves above a 30,000-per-year threshold (Port Botany now moves about 2.4 million a year).

That makes a Newcastle container terminal unviable.

But as the Deloitte report shows, moving more containers through Newcastle could have real benefits for Sydney motorists by slashing the number of truck movements now clogging up our roads.

A new container port to the north might also reduce or delay the amount spent in future on infrastructure to help get containers in and out of Sydney's congested streets and rail links.

It would also create more competition in the NSW ports sector, which would improve productivity and boost the state’s economic output.

Deloitte estimates that once WestConnex is operating, the tolls to move each container west from Port Botany will add $60-80.

That’s a handy boost for the controversial WestConnex project. But ultimately that cost will be paid by the state’s producers and consumers.

No wonder Rod Sims has become so disillusioned about privatisation.

  • Beware privatisation that hinders competition
  • Beware privatisation that hinders competition
  • Beware privatisation that hinders competition

Related News

Limp inflation numbers won't help Myer's new boss
  • 25/04/2018 12:14:23 AM

Limp inflation numbers won't help Myer's new boss

AMP executive bonuses could be 'clawed back' after scandal
  • 25/04/2018 12:14:23 AM

AMP executive bonuses could be 'clawed back' after scandal

China's consumer demand trumps political friction, says Alibaba boss
  • 25/04/2018 12:14:23 AM

China's consumer demand trumps political friction, says Alibaba boss

Speed tests reveal Hobart has Australia's fastest internet
  • 25/04/2018 12:14:22 AM

Speed tests reveal Hobart has Australia's fastest internet

Super funds put heat on Rio Tinto over lobby groups
  • 25/04/2018 12:14:22 AM

Super funds put heat on Rio Tinto over lobby groups

AMP's board hit with new ultimatum over advice scandal
  • 24/04/2018 12:12:15 AM
  • 11

AMP's board hit with new ultimatum over advice scandal

All eyes on Kenneth Hayne after shocking revelations at banking inquiry
  • 23/04/2018 12:07:16 AM
  • 10

All eyes on Kenneth Hayne after shocking revelations at banking inquiry

Grade 'E' for bad advice: AMP took two years to sack 'Mr E'
  • 23/04/2018 3:10:01 PM
  • 10

Grade 'E' for bad advice: AMP took two years to sack 'Mr E'

Why regulators need to lift the fear factor and put jail on the table
  • 23/04/2018 12:07:27 AM
  • 9

Why regulators need to lift the fear factor and put jail on the table

ANZ board committee was warned about 'high-risk' advisers
  • 23/04/2018 12:26:58 PM
  • 9

ANZ board committee was warned about 'high-risk' advisers

Super funds shy on backing climate change votes
  • 20/04/2018 2:45:28 PM
  • 27

Super funds shy on backing climate change votes

Westpac adviser's misconduct driven by bonus payments
  • 20/04/2018 12:37:31 PM
  • 19

Westpac adviser's misconduct driven by bonus payments

Elderly pensioner widow charged thousands for dud advice
  • 20/04/2018 7:01:26 PM
  • 12

Elderly pensioner widow charged thousands for dud advice

Latest News

Toronto driver charged with 10 counts of first degree murder
World
  • 25/04/2018 2:01:40 AM
  • 0

Toronto driver charged with 10 counts of first degree murder

Home and Away 6866 24th April 2018 - Home and Away 6866 24 April 2018 - Home and Away 24th April 2018 - Home and Away 6866 - Home and Away April 24, 2018
Video
  • 25/04/2018 2:01:12 AM
  • 0

Home and Away 6866 24th April 2018 - Home and Away 6866 24 April 2018 - Home and Away 24th April 2018 - Home and Away 6866 - Home and Away April 24, 2018

Chris Evans opens up about 'Avengers: Infinity War'
Video
  • 25/04/2018 2:01:12 AM
  • 0

Chris Evans opens up about 'Avengers: Infinity War'

Trump Allies Worry Cohen Will Flip as Scandals Mount: A Closer Look
Video
  • 25/04/2018 2:01:12 AM
  • 0

Trump Allies Worry Cohen Will Flip as Scandals Mount: A Closer Look

Macaulay Culkin Reflects on the Most '90s Photo You've Ever Seen
Video
  • 25/04/2018 2:01:11 AM
  • 0

Macaulay Culkin Reflects on the Most '90s Photo You've Ever Seen

Cast of Avengers: Infinity War Reveals Least Trustworthy Avenger
Video
  • 25/04/2018 2:01:11 AM
  • 0

Cast of Avengers: Infinity War Reveals Least Trustworthy Avenger

Sanju | Official Teaser | Ranbir Kapoor | Rajkumar Hirani
Video
  • 25/04/2018 2:01:11 AM
  • 0

Sanju | Official Teaser | Ranbir Kapoor | Rajkumar Hirani

MTV's Teen Mom OG Season 7 Episode 20 - Check Up with Dr Drew Part 2
Video
  • 25/04/2018 1:56:10 AM
  • 1

MTV's Teen Mom OG Season 7 Episode 20 - Check Up with Dr Drew Part 2

Home and Away 6866 24th April 2018 - Home and Away 6866 24 April 2018 - Home and Away 24th April 2018 - Home and Away 6866 - Home and Away April 24, 2018
Video
  • 25/04/2018 1:46:09 AM
  • 0

Home and Away 6866 24th April 2018 - Home and Away 6866 24 April 2018 - Home and Away 24th April 2018 - Home and Away 6866 - Home and Away April 24, 2018

Chris Evans opens up about 'Avengers: Infinity War'
Video
  • 25/04/2018 1:46:08 AM
  • 1

Chris Evans opens up about 'Avengers: Infinity War'

Trump Allies Worry Cohen Will Flip as Scandals Mount: A Closer Look
Video
  • 25/04/2018 1:46:08 AM
  • 0

Trump Allies Worry Cohen Will Flip as Scandals Mount: A Closer Look

Macaulay Culkin Reflects on the Most '90s Photo You've Ever Seen
Video
  • 25/04/2018 1:46:08 AM
  • 1

Macaulay Culkin Reflects on the Most '90s Photo You've Ever Seen

Cast of Avengers: Infinity War Reveals Least Trustworthy Avenger
Video
  • 25/04/2018 1:46:08 AM
  • 1

Cast of Avengers: Infinity War Reveals Least Trustworthy Avenger

Sanju | Official Teaser | Ranbir Kapoor | Rajkumar Hirani
Video
  • 25/04/2018 1:46:06 AM
  • 1

Sanju | Official Teaser | Ranbir Kapoor | Rajkumar Hirani

Home and Away 6866 24th April 2018 - Home and Away 6866 24 April 2018 - Home and Away 24th April 2018 - Home and Away 6866 - Home and Away April 24, 2018
Video
  • 25/04/2018 1:31:08 AM
  • 0

Home and Away 6866 24th April 2018 - Home and Away 6866 24 April 2018 - Home and Away 24th April 2018 - Home and Away 6866 - Home and Away April 24, 2018

Chris Evans opens up about 'Avengers: Infinity War'
Video
  • 25/04/2018 1:31:07 AM
  • 0

Chris Evans opens up about 'Avengers: Infinity War'

Trump Allies Worry Cohen Will Flip as Scandals Mount: A Closer Look
Video
  • 25/04/2018 1:31:07 AM
  • 0

Trump Allies Worry Cohen Will Flip as Scandals Mount: A Closer Look

Macaulay Culkin Reflects on the Most '90s Photo You've Ever Seen
Video
  • 25/04/2018 1:31:07 AM
  • 0

Macaulay Culkin Reflects on the Most '90s Photo You've Ever Seen

Cast of Avengers: Infinity War Reveals Least Trustworthy Avenger
Video
  • 25/04/2018 1:31:07 AM
  • 1

Cast of Avengers: Infinity War Reveals Least Trustworthy Avenger

Sanju | Official Teaser | Ranbir Kapoor | Rajkumar Hirani
Video
  • 25/04/2018 1:31:06 AM
  • 0

Sanju | Official Teaser | Ranbir Kapoor | Rajkumar Hirani

Follow

Popular

  • Shortland Street S26E291 24th April 2018 - Shortland Street 6469 24th April 2018 - Shortland Street 24th April 2018 - Shortland Street 24-4-2018 - Shortland Street 6470
    Video

    Shortland Street S26E291 24th April 2018 - Shortland Street 6469 24th April 2018 - Shortland Street 24th April 2018 - Shortland Street 24-4-2018 - Shortland Street 6470

  • Video

    "The 100" Season 5 Episode 1 (S05E01) "Eden"

  • Interest-only mortgage holders face $7,000 a year hit: RBA
    Business

    Interest-only mortgage holders face $7,000 a year hit: RBA

  • Last Week Tonight with John Oliver Season 5 Episode 9 [S05E09] Full Shows
    Video

    Last Week Tonight with John Oliver Season 5 Episode 9 [S05E09] Full Shows

  • Shortland Street S26E290 23rd April 2018 - Shortland Street 6469 23rd April 2018 - Shortland Street 23rd April 2018 - Shortland Street 23-4-2018 - Shortland Street
    Video

    Shortland Street S26E290 23rd April 2018 - Shortland Street 6469 23rd April 2018 - Shortland Street 23rd April 2018 - Shortland Street 23-4-2018 - Shortland Street

  • [ENGLISH DUB] Miraculous Ladybug - Season 2 Episode 14 - SYREN
    Video

    [ENGLISH DUB] Miraculous Ladybug - Season 2 Episode 14 - SYREN

  • 'Absolute legend': Australian musician remembered after reported surfing death in Bali
    World

    'Absolute legend': Australian musician remembered after reported surfing death in Bali

  • 'Just a ratings ploy': Viewers slam MKR ambulance drama
    Entertainment

    'Just a ratings ploy': Viewers slam MKR ambulance drama

  • Coronation Street 23rd April 2018 Part 1 | Coronation Street 23-04-2018 Part 1 | Coronation Street Monday 23rd April 2018 Part 1 | Coronation Street 23 April 2018 Part 1
    Video

    Coronation Street 23rd April 2018 Part 1 | Coronation Street 23-04-2018 Part 1 | Coronation Street Monday 23rd April 2018 Part 1 | Coronation Street 23 April 2018 Part 1

  • Skam France - S2 Ep3 - Clip 2 - Après coup (
    Video

    Skam France - S2 Ep3 - Clip 2 - Après coup ("Aftermath") English subs

  • Van hits pedestrians in Toronto, driver in custody
    World

    Van hits pedestrians in Toronto, driver in custody

  • Coronation Street 23rd April 2018 Part 2 | Coronation Street 23-04-2018 Part 2 | Coronation Street Monday 23rd April 2018 Part 2 | Coronation Street 23 April 2018 Part 2
    Video

    Coronation Street 23rd April 2018 Part 2 | Coronation Street 23-04-2018 Part 2 | Coronation Street Monday 23rd April 2018 Part 2 | Coronation Street 23 April 2018 Part 2

  • Hollyoaks 23rd April 2018
    Video

    Hollyoaks 23rd April 2018

  • Future of Queensland independent public schools under review
    National

    Future of Queensland independent public schools under review

  • Telstra gave ABS mobile data to track Canberrans' locations
    National

    Telstra gave ABS mobile data to track Canberrans' locations

24australia.xyz

24australia.xyz © 2017 Contact Us