Memories
Light the corners of my mind
Misty water-colored memories
Of the way we were
Memories eh.
Near the end of the 2nd episode of Nemesis, former Prime Minister Malcolm Turnbull offered a list of the achievements of his Prime Ministership. The first one he mentioned was Snowy 2.0.
Well. Just as reminder for dear readers, in the AFR, not new but repeated:
The budget for Snowy 2.0 blew out to $12 billion last year, more than double the previous estimate and six times the ballpark figure given by then Prime Minister Malcolm Turnbull when he unveiled it in March 2017.
Only a $10 billion budget blow out. Other people’s money you know.
CEOs have been fired for less. Board directors removed similarly.
But Turnbull’s achievement - not the project but the announcement.
And herewith the problem. Politicians, like the rest of us respond to incentives. As Charlie Munger said:
Show me the incentive, I'll show you the outcome.
Don’t blame the politicians. Blame the electorate.
For as long as we re-elect and reward for this garbage, it is OUR FAULT.
Great news Spart the drill machine is moving again! They got it stuck out of the mud. This will open up a whole new market for Ladbrokes and we can now bet on how long it takes before it stuffs up again.
Some achievement, just another hole in the ground full of taxpayer's money. This is just the same as the fanciful new ships for the navy courtesy of Marles and Albotrot.