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Former Newman government 'killed off' profitable climate change company Ecofund

The ABC's Mark Willacy and Alexandra Blucher report (20.2.17) on details of Cabinet briefing documents prepared for the Newman government's 'razor gang' which show it axed the Ecofund carbon abatement agency despite it being profitable.

'Queensland's former Newman government sold off a state-owned company combating climate change despite being told in confidential briefing documents that it was a "profitable, cash flow positive and standalone entity" whose revenues were set to double.

'The ABC has obtained a raft of Cabinet briefing documents and internal government savings proposals outlining moves to slash millions from programs under the former LNP administration.

'The files were prepared in 2012 for Cabinet's razor gang known as the Budget Review Committee.

'One of its targets was Ecofund Queensland, a state-owned carbon and environmental offsetting and advisory company that was also tasked with buying up land to help reduce Queensland's greenhouse gas emissions.

'The company was one of the top three carbon traders in the Australian market and its clients included some of the country's largest blue chip firms.'

Newman government's 'razor gang' approach to reducing public sector spending

Further revelations have been uncovered recently by the ABC of the extent of the Newman government's 'budget repair' measures in its first year in office.

'The Newman government slashed oversight of the controversial coal seam gas (CSG) industry in Queensland despite warnings it would lead to serious non-compliance and to CSG companies "gambling" with safety.

'Cabinet documents, obtained by the ABC, reveal the government was told in 2012 that slashing jobs and funding from CSG compliance would increase "the risk of a significant incident occurring".'

 

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