Far from crying poor, NSW councils are rich and getting richer: analysis shows that the amount of money they hold has grown by $1 billion over the past two years (from SMH, June 30).
The state government often repeats the controversial statistic that councils are losing $1 million a day, a claim that is central to their case for merging NSW’s 152 councils.
But that figure is contradicted by a new analysis of financial statements that reveals the staggering amount of money councils have on hand in cash and investments: $7.8 billion.
“Recent claims … that councils are ‘going broke’ in NSW by ‘$1million per day’ are shown to be fallacious by [these] growing cash balances,” Professor Brian Dollery, an expert in local government at the University of New England, said. “The fact-free nature of [the merger process is] laid bare for all to see.”
To read more see SMH.