Nick Sherry (Tasmania, Australian Labor Party, Shadow Minister for Banking and Financial Services) Share this | Hansard source

As the minister has indicated, we are discussing the sale of the majority shareholding in Snowy Hydro Ltd. The New South Wales government announced on 16 December 2005 its decision to sell its majority shareholding in Snowy Hydro Ltd through an initial public offering known as an IPO. Following that decision Victoria has also announced that it will participate in the IPO and on 7 February this year the Australian government announced its intention to divest its minority share in the company. New South Wales is the majority shareholder with a 58 per cent stake, Victoria has a 29 per cent shareholding, and the Commonwealth owns some 13 per cent. It does require parliamentary approval. The Snowy Hydro Corporatisation Act 1997 requires the approval of parliament for the divestment of the Commonwealth’s shareholding, hence the motion we are dealing with today. Motions are being moved—and I am not sure where the process is at in the House of Representatives—