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South African company Investec cashes in on TAB advice


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MORE than $400,000 has been paid to a South African company to advise the State Government on issues related to selling the TAB.

Details of the expensive contract with Investec were revealed in the latest report on the amount of money spent on consultants between June and December last year.

Almost $2 million went to 31 consultancy companies — double the amount spent in the final six months of the Barnett government.

The Government yesterday announced it had budgeted up to $250,000 over two years to pay an Eastern States consultant to help secure direct flights to Perth from Asia. Acting Tourism Minister Bill Johnston denied it was a vote of no confidence in Tourism WA.

“This is about making sure that Tourism WA has the resources it needs,” he said.

Before releasing a discussion paper into the sale of the TAB last month, Investec’s analysis of the long-running quandary warned of the risks of not proceeding with an imminent sale.

The Opposition questioned the spending of $440,000, arguing the conclusions were nothing new and it was time to sell the TAB.

“It is disappointing that after 18 months the McGowan Government is no closer to a solution,” shadow racing minister John McGrath said.

“It has spent a considerable sum of taxpayer money to basically take the same position to the industry that we did — that ongoing funding of racing from wagering revenue would be guaranteed under any privatisation deal and that a sizeable infrastructure fund should be put in place to meet future industry needs.”

He said the previous government had provided $300,000 for the racing industry to formulate its view on selling the TAB and all the current Government did was go back to square one.

Treasurer Ben Wyatt said the work of Investec would move the TAB sale issue forward.

“We now have detailed analysis that shows a sale is feasible, and could be achieved while leaving the industry at least no worse off,” he said.

The discussion paper made it clear that the TAB’s market share was facing tough competition and if its value declined the racing industry would suffer. “The potential sale is an opportunity for reform,” the report said. “If structured correctly, it could help address these risks and protect future funding to the WA racing industry.”

Investec’s fees were the biggest in the report on consultants. A review of the industrial relations system cost $135,850, a health services review cost $147,780 and $101,750 was paid to a NSW company to assess WA’s defence industry capabilities.

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