By John McRobert
Into the valley of debt rode the encumbered. Kamala-nomics is already being practised in the land Down-Under. ‘What can be, unburdened by what has been’ can only explain the news that Snowy 2.0 has ordered another tunnelling machine, at a probable cost of over $100m – for delivery hopefully next year – hopefully in time to help the struggling boring machine, Florence reach the fault zone. Who knows what will happen then? The price has already escalated from $2b to $12b, and no one mentions another $10b or so for transmission lines. Shareholders of a private company faced with such an appalling record of expenditure with no guarantee the project can be completed without more calls for funds, would have pulled the plug long ago.
If and when it is completed, if some water is available during drought, if there is surplus power from unreliable energy sources, and if enough water has been pumped to the top of the hill, there will be sufficient hydro-power for three million homes – for a week. Then the battery runs flat. Forget the needs of industry. Forget living standards. Or spend the money maintaining and upgrading our coal-fired power stations. The climate won’t even notice.