Wednesday, 27 July 2011

The road to nowhere

It didn’t take long for interstate friends to offer commiserations following Monday’s Q&A.

No wonder you guys are in a mess. Is she really the Premier?

It’s actually not as bad as it appeared, I patiently explain. It’s far worse.

Wednesday, 13 July 2011

The time is nigh

The public transcript of the 4th July 2011 Leg Co inquiry into FT’s financial performance has now been posted on line.

In an answer in writing to a question on notice, it was disclosed that the minimum operating cash flow surplus for FT is in the order of $20 million, needed to fund necessary capital expenditure including outstanding TCFA obligations.
In 2010 the operating cash flow was $12 million negative. Bob refused to publicly disclose the cash flow deficit for 2011. He would only do it in camera. It is likely to be of similar magnitude to 2010, a far cry from what is needed.

The impact of these revelations cannot be overstated. FT is very close to insolvency.

Monday, 11 July 2011

Worth the wait? The Auditor General's Report into Forestry Tasmania.

What on earth was Auditor General Mike Blake doing?

Three years after commencing his investigation into the Financial and Economic Performance of Forestry Tasmania in April 2008 there was still no word.
The Report now tabled in Parliament hints at the reason for the Auditor General(AG)’s tardiness.