SA Treasurer Rob Lucas says the report found the former Labor Goverment over-inflated the asset value of SA Water by at least $520m to generate higher revenues from water users paying their bills.
An inquiry by former ETSA Utilities CEO Lew Owens found that a 2013 valuation of $7.77 billion used by the former Labor Government couldn't be justified.
Mr Lucas says there will be no privatisation of SA Water - but bills to households and businesses should drop from July 1, 2020.
South Australian Treasurer Rob Lucas has ruled out any privatisation of the state's water utility, SA Water, as he promised water bills for households and businesses across the state would drop from mid-2020 after an independent report found the previous Labor government over-inflated asset values.
SA Treasurer Rob Lucas says an inquiry found the former Labor government inflated the value of SA Water in order to generate more revenue. AAP
Loading...
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
