Unsolicited proposal to acquire 50 per cent of Ausgrid

In 2016, the NSW Government held a competitive tender process for the partial lease of a 50.4 per cent interest in Ausgrid, however, the Commonwealth Government blocked the NSW Government from accepting a bid from Chinese backed consortia on national security grounds. On 23 September 2016,  the NSW Government announced it had received an unsolicited proposal to acquire the 50.4 per cent interest in Ausgrid. On 20 October 2016, the NSW Government announced it had accepted the unsolicited proposal, delivering $16.2 billion gross (estimated to be around $6 billion net) to the NSW Government.

This performance audit will  examine how the 'uniqueness' criteria required to accept an unsolicited proposal was satisfied, how value for money was established, how probity was assured, and the governance arrangements required by relevant guidelines.


Governance of state financial assets and liabilities

Description pending.

FMT implementation

Description pending.