Foley’s Lost Mail

NSW Treasurer Andrew Constance says the Labor leader Luke Foley has contradicted his own argument on the lease of electricity assets while committing $10 million to Newcastle’s Institute for Energy and Resources to undertake research into battery storage.

Mr Foley told Fairfax: “It has the potential to do to the energy grid what email has done to Australia Post.”

“In one fell swoop he’s destroyed his own argument that the electricity assets are profitable businesses for all eternity”, Mr Constance said.

“If owning half the power grid is so valuable, why is he comparing it to the decline of Australia Post?

“Both views cannot be right.

“The letters business lost $151 million dollars in the first half of financial year 2014-15, just like the electricity ‘poles and wires’ are forecast to decline in value.

“Mr Foley’s inexperience and stumbles are breathtaking. He is not fit to become steward of a third of the national economy.

“He should now admit that his entire campaign is based on misinformation – he’s been caught out red-handed.

“Our plan is simple – we are swapping an ageing asset to build new assets that will bust congestion, create jobs and grow the NSW economy.”