The stadium’s soaring cost to Tasmanians has been revealed and not surprisingly it’s way beyond the Premier’s unbelievable “red cent” promise of $375 million.
We learned today taxpayers will primarily also be paying more than $580 million for the loan to build the stadium, taken out by its developer the Macquarie Point Development Corporation (MPDC).
Treasurer Eric Abetz made the revelation in response my questioning at an estimates’ hearing.
So, at this stage the cost to Tasmanians will at least be $375 million for an equity injection, $490 million for the loan’s principal plus $92 million interest over the first four years of its term (more than $580). Interest costs beyond that were not calculated.
Add to that what we’ll pay to attract concerts and events here.
That’s a $957 million direct cost to Tasmanians revealed today – quite few red cents more than $375 million.
The only evidence provided by the Treasurer about incoming revenue to offset this cost to taxpayers has been $2.5 million from the AFL’s team’s $44 million payroll, some vibe about stamp duty from property sales, and the hope of some money from the sale of land on the site, none of which will go anywhere near the yearly interest cost let alone the stadiums operating cost, or the principal repayments.