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02 March 2010

NSW’s largest business organisation, NSW Business Chamber, has welcomed the $1 billion sale of NSW Lotteries as a good result for the taxpayers of NSW.

“NSW Business Chamber has been a strong supporter of the privatisation process and this is ultimately a good result for NSW with the revenue raised now being invested back into essential services,” said Stephen Cartwright, CEO of NSW Business Chamber.

“There has been no compelling case for the NSW Government to be in this business.  Selling NSW Lotteries will allow the Government to focus its attention on being the regulator of the industry and focus its attention on core Government responsibilities like education, transport and law and order.

“Treasurer Roozendaal is to be congratulated on achieving this sale that has provided a strong return for NSW taxpayers. The NSW Opposition should also be applauded for its role for advocating a balanced sale process that protected community interests.”

Mr Cartwright said that the sale of NSW Lotteries has shown that the Government can privatise an asset and still preserve the community interest.

“NSW taxpayers will continue to benefit from the sale of NSW Lotteries with the Government still collecting $330 million in duties from the sale of lotteries products.

“The sale of NSW Lotteries is an example of a good model of privatisation, one that should be replicated in future privatisations of Government assets.”