❓ The Treasurer updates the house on the positive market response to the first tranche of asset sales, highlighting significant interest and outlining the process and oversight mechanisms in place. Other states are also selling assets.
AnsweredQoN 778Legislative Assembly
QuestionView source ↗
ASSET SALE
PROGRAM
778. Mr J. NORBERGER to the
Treasurer:
Could the Treasurer please update the house on the market's
response to the state government's announcement of the first tranche of
asset sales?
PROGRAM
778. Mr J. NORBERGER to the
Treasurer:
Could the Treasurer please update the house on the market's
response to the state government's announcement of the first tranche of
asset sales?
AnswerView source ↗
I would like to thank the member for
the question; it is a really good one.
We have received unprecedented
interest from both potential buyers of the assets announced in the first
tranche and advisers. This comes at a time in the market in Australia when
there is a lot of activity in asset sales. The Queensland government has about
$40 billion worth of asset sales coming onto the market. New South Wales has
about $20 billion worth of assets that either have been sold or are coming on,
and the Victorians are also selling port assets and others.
Several members interjected.
The SPEAKER :
Members for Cockburn, Warnbro and Wanneroo, I call you to order for the first
time.
Dr M.D. NAHAN : The
Victorians also have assets on the market, particularly the Port of Melbourne,
and both the Victorian government and the Labor opposition, led by a Socialist
Left leader, I might add, are committed to the sale of the asset. We are really
optimistic, and today Treasury will release an open tender for lead financial
adviser for the two ports—the Kwinana Bulk Terminal and the Utah Point bulk handling facility. We
expect to make a decision on selecting the lead financial adviser in early
December. It will undertake due diligence and look at the details of the
project, and advise us of any outstanding policy issues. We expect to go to a
separate lead financial adviser for the Perth Market Authority, with the tender
going out later this month.
The asset sales
process will be led within the bureaucracy by the asset sales unit within
Treasury, headed by the executive director of strategic projects, Richard Mann,
who has done a great job running our large building program and keeping budgets
on budget and on time. He will have a team and will manage contractors, the due
diligence, the assessment and the final contracts. His process will be overseen
by the asset sales task force, which has directors general from the State
Solicitor's Office, the Department of the Premier and Cabinet—of
course—the Department of Treasury, the Insurance Commission of WA and
the Water Corporation. The task force will oversee the operations of the asset
sales unit, as well as advise the government on the next tranche of the
asset sales process. The information that has been given to us so far augurs
well for the sale of these assets. The process is well underway and we look
forward to consummating some of the sales in the mid to late part of next year—that
is, 2015.
the question; it is a really good one.
We have received unprecedented
interest from both potential buyers of the assets announced in the first
tranche and advisers. This comes at a time in the market in Australia when
there is a lot of activity in asset sales. The Queensland government has about
$40 billion worth of asset sales coming onto the market. New South Wales has
about $20 billion worth of assets that either have been sold or are coming on,
and the Victorians are also selling port assets and others.
Several members interjected.
The SPEAKER :
Members for Cockburn, Warnbro and Wanneroo, I call you to order for the first
time.
Dr M.D. NAHAN : The
Victorians also have assets on the market, particularly the Port of Melbourne,
and both the Victorian government and the Labor opposition, led by a Socialist
Left leader, I might add, are committed to the sale of the asset. We are really
optimistic, and today Treasury will release an open tender for lead financial
adviser for the two ports—the Kwinana Bulk Terminal and the Utah Point bulk handling facility. We
expect to make a decision on selecting the lead financial adviser in early
December. It will undertake due diligence and look at the details of the
project, and advise us of any outstanding policy issues. We expect to go to a
separate lead financial adviser for the Perth Market Authority, with the tender
going out later this month.
The asset sales
process will be led within the bureaucracy by the asset sales unit within
Treasury, headed by the executive director of strategic projects, Richard Mann,
who has done a great job running our large building program and keeping budgets
on budget and on time. He will have a team and will manage contractors, the due
diligence, the assessment and the final contracts. His process will be overseen
by the asset sales task force, which has directors general from the State
Solicitor's Office, the Department of the Premier and Cabinet—of
course—the Department of Treasury, the Insurance Commission of WA and
the Water Corporation. The task force will oversee the operations of the asset
sales unit, as well as advise the government on the next tranche of the
asset sales process. The information that has been given to us so far augurs
well for the sale of these assets. The process is well underway and we look
forward to consummating some of the sales in the mid to late part of next year—that
is, 2015.
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