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Government buys Snowy Hydro from states for $6 billion

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NSW and Victoria will share in the $6 billion sale of the Snowy Hydro project.

On Thursday, Prime Minister Malcolm Turnbull sealed a landmark deal with the NSW and Victorian governments that will see money poured into road and rail projects.

It gives the Federal Government 100% ownership and clears the way for a $4.5 billion expansion promising more sustainable power.

Minister for Environment and Energy Josh Frydenberg tells Chris Smith it’s “a gigantic investment in our energy and infrastructure future”.

The deal will see NSW receive close to $4 billion, which the minister assures will provide “productive investment”.

“Both Victoria and New South Wales have committed to ensuring that this money is invested in productive infrastructure.

“It will ensure that we can continue to keep Snowy Hydro in public ownership as well as ensuring and enabling that we can move ahead with the new and exciting phase of Snowy, which is Snowy 2.0.”

Listen to the full interview below