NSW Government shifts funds from Sydney Water
The New South Wales Government has announced its intentions to shift hundreds of millions of dollars from Sydney Water in an attempt to stop the cash haemorrhaging from the embattled state-owned electricity suppliers.
The announcement by the State Government come as files lodged to the State Parliament disclose that the water supplier is to pay increasing dividends to the government to cover other ailing utility providers after the company posted a $305 million after tax profit last financial year.
The water supplier has announced that it expects to pay upwards of $250 million a year in dividends at the end of the 2013-14 financial year.
The announcement will see the company pay an estimated $967 million in total dividends to the government to that time.