Kevin Rudd the greatest revisionist of all when it comes to NBN
No revisionism please. Kevin Rudd, Sydney Morning Herald, February 9:
No amount of revisionism can detract from the fact that (during the GFC) this country did not lose a single financial institution …. before the national zeitgeist turns (Ken) Henry into a national scapegoat … the country should reflect … on where Australia might be today were it not for Henry’s critical role.
No revision? Kevin Rudd, Australian Financial Review, February 7:
It was never envisaged that the NBN generate a commercial rate of return. That has never been the case with fundamental economic infrastructure.
If it were, the railway and road networks would never have been built. Such ideological claptrap fails to understand the fundamental economic drivers … basic infrastructure provides … It would be useful if, rather than being permanently captive to a deeply ideologically blinkered view, you … (analysed) the NBN in terms of the facts rather than a highly selective rendition of history.
No commercial return envisaged? Press conference, April 7, 2009:
Prime minister Kevin Rudd: Today we are here to make an historic announcement about broadband … Just as railway tracks laid out the future of the 19th century and electricity grids the future of the 20th century, so broadband represents the core infrastructure of the 21st century …
Treasurer Wayne Swan: I believe this is a responsible investment. We are establishing a commercial entity. We are putting it together on commercial terms. And it should give a return over time to the Australian people.
A modest return. Staff, CIO.com.au, May 6, 2010:
A study on the NBN … released by the federal government confirms the government can expect a return on its equity investment sufficient to fully cover its cost of funds … Minister for Broadband, Communications and the Digital Economy, Stephen Conroy, said … “The NBN business model establishes that taxpayers are paid back … with a modest return.”
Taxpayers’ repaid. Media release, NBN Co, December 20, 2010:
NBN Co today said it expects to produce an internal rate of return of 7% per annum … in excess of the government’s cost of funds, or long-term bond rate … government equity of $27.5 billion … will be paid back with a return.
Return? Kiss $20bn goodbye. John Kehoe, The Australian Financial Review, February 4:
Analysts estimate the NBN’s valuation could be slashed by as much as $20bn … a belated acknowledgement the government entity, set up by Labor prime minister Kevin Rudd … will struggle to deliver a commercial rate of return as both sides … insisted in the face of persistent doubts.
Revisionist? Us? Joe Aston, Australian Financial Review, February 10:
When Mr Rudd now suggests “it would be useful” … (to) “analyse the NBN in terms of the facts rather than a highly selective rendition of history”, we can only assume the bloke is either . . . dishonest or . . . demented. As for “reflecting … (on Ken) Henry’s role” … during the GFC … we all know Rudd is really asking us to reflect on his own role … Rich coming from the greatest revisionist of them all. Because no amount of revisionism can change the fact that, at that time, gross government debt was zero and today it is $541.7 billion … that any government would have guaranteed the banks … and that Dr Henry never told Rudd to “go early, go hard, go kill people insulating households”.