This audit assesses the assurance provided to the NSW Government for the initial stages of the WestConnex project.

The audit examined the WestConnex project from concept development to the pre-tender phase for Stage 1A – M4 (Parramatta to Homebush Bay). It did not examine the merit of the project or whether it represented value-for-money.

This audit found a number of shortcomings with the governance of the WestConnex project during its early stages and makes recommendations on how to better govern the remainder of the project to minimise the risk of failure.

Parliamentary reference - Report number #247 - released 18 December 2014

NSW government agencies are not making sufficient use of purchasing cards and EFTs to pay for goods and services. There are potential savings in processing costs of around $22 per transaction from purchasing cards and over $7 when using EFTs instead of cheques.

Parliamentary reference - Report number #243 - released 5 June 2014

The Audit Office is of the opinion that:

• the sale was delivered with reasonable efficiency and effectiveness

• the sale yielded a satisfactory return to the NSW Government. The possibility for a higher return was limited to about 2% to 4% on gross proceeds of $936m. It would have required setting a higher share price for all investors and adopting a more flexible approach to share allocation

• the Government’s objective to promote community and investor support was achieved. The scale of the demand for script added to costs and was not fully translated into higher proceeds  

• generally satisfactory accountability frameworks were put in place for the sale and no probity concerns were identified

• the frameworks to achieve the Government’s wider reforms of the racing and wagering industries have substantially been implemented.

Parliamentary reference - Report number #61 - released 23 December 1998