HELP ME TO UNDERSTAND
I am confused. Here is why.
* The Giles CLP Government leased the Darwin East Arm Port facilities to Landbridges, a Chinese owned and controlled company for $507,000,000 a few years ago. The lease period is for 99 years. In all honesty, this leasing arrangement cannot be deemed as other than peppercorn rent. While some income apparently generates to the NT Government for profits the company makes, it remains that Landbridges are by far and away, more significant than the government in terms of wharf activities.
* The Giles Government sent aside $100,000,000 to go toward the construction of a ship lifting facility at the port. An additional $300,000,000 was sought from the Federal Government for the facility. This adds up to a total of $400,000,000 sought for a facility for a port under the control of a company owned by foreign interests.
* The Gunner Government when elected, pressed on with the request for federal funding for the project. Treasurer Nicole Manison is meeting with Federal Treasurer Josh Frydenberg seeking that contribution. If it is not forthcoming, there is a chance the NT Government will become further indebted by seeking a loan for the project.
My question is WHY go into MASSIVE DEBT for a PRIVATE PRINCIPAL. The logic fails me!!