NSW Labor Leader Luke Foley has announced that the proceeds from the sale of the Snowy Hydro scheme will be spent wisely, on transformative projects that will leave a lasting legacy in rural and regional NSW.

In May last year, Mr Foley announced that Labor would only support the sale of NSW’s share of the Snowy Hydro scheme to the Federal Government if there is a guarantee the scheme stays permanently in public hands and if every single dollar from the billions raised is used in regional NSW.

At the time the Nationals rejected this and said 30 per cent should be spent in the regions – they have since backflipped and adopted Labor’s policy.

NSW is receiving $4.1 billion from the Snowy Hydro transfer.

Today Mr Foley used his address to the annual NSW Labor Conference to announce that, if elected in 2019, all proceeds from the sale will be spent on infrastructure projects that pass at least one of the following three tests:

  1. The creation of jobs and growth of industry in rural and regional NSW;
  2. The decentralization of population; and
  3. The generation of new and renewable energy supplies.

The Liberal-National government in Macquarie Street has ignored the needs of people outside Sydney for eight long years, and has the wrong priority of splurging $2.2 billion on Sydney stadiums.

Quotes attributable to NSW Labor Leader Luke Foley

“The $4.1 billion windfall from the sale of the Snowy Hydro scheme must be spent wisely, on transformative projects that will leave a lasting legacy in regional and rural NSW.

“In 1949 Ben Chifley told the Commonwealth Parliament that the Snowy Scheme ‘provides not only for the provision of vast supplies of new power but also for an immense decentralisation of industry and population’.

“I pledge today that these are the principles which will guide a future Labor government when it comes to investing the proceeds of the Snowy Hydro transfer.

“A Foley Labor Government in 2019 will ensure that the billions of dollars that will flow from the nationalisation of Snowy Hydro will be put right back where it belongs – in local infrastructure for the people of regional NSW.”