Here Comes Australia's $10 Billion Garage Sale

Getty/Max Whittaker

The Government is planning to take up the Commission of Audit’s recommendations to sell off many iconic Government assets as it seeks to raise $10 billion as a way to pay for an expansive infrastructure spending agenda.

The Australian says the current priorities are the Australia Rail Track Corporation (ARTC) and Defence Housing Authority on top of the already announced Medibank privatisation. Snowy Hydro is also on the chopping block but is more contentious given that the Federal Covernment needs to gain agreement from both NSW and Victoria, who have rejected such a sale in the past.

The good news for voters worried about proceeds from sales disappearing into consolidated revenue is that:

the budget will include a plan to use sale proceeds for major infrastructure projects, assuaging community concerns that the cash would be wasted on everyday expenses. A new fund could be used to help finance new ­projects as part of Joe Hockey’s policy to offer a 15 per cent incentive payment to states that sell old public assets to raise the cash to build new ones.

You can read more here >>

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.