The controversial redevelopments of the Allianz stadium at Moore Park and the ANZ stadium at Homebush will deliver negative returns on the New South Wales government’s investment, according to business cases made public today.
This means taxpayers will need to subsidise the stadiums over their life cycle, the documents show.
The analysis also reveals that the financial cases are strongly dependent on increasing the number of major events at Allianz, which runs the risk of cannibalising the revenues of the stadium at Homebush, currently the preferred venue for major events such as finals and internationals...
The business case for the controversial $2.3bn redevelopment plans for Sydney’s two major stadiums and the 2016 Tune report on out-of-home care for at-risk children will see the light of day this week.
The Berejiklian government agreed to release the reports, with redactions, but insisted it was doing so voluntarily and not in response to orders from the upper house that were passed after a frustrated Liberal crossed the floor.
But this decision may raise new questions of whether, by releasing documents voluntarily, the government has waived its claim of privilege in what has become a very public tussle between the parliament and the executive over accountability...