*Sizzling* new #Watergate documents show taxpayers & rivers were ripped off.
Kudos to @Senator_Patrick for epic FoI battle.

After 2 year cover up, only explanations left are incompetence or wrongdoing by @DeptAgNews under @Barnaby_Joyce. THREAD. https://twitter.com/Senator_Patrick/status/1295476999088009216

Taxpayers paid @AngusTaylorMP's former co $80m for dubious water in Condamine Balonne valley. It seemed outrageous at the time, esp when the co announced a $52m profit on the deal.
@MaryanneSlatte1 & I showed, the dpt had haggled the price *up*. https://www.tai.org.au/content/thats-not-how-you-haggle

The price of $2,745/ML and profit have never been disputed, but Department told the Senate “This price was consistent with the market valuation,” along with some other selective quotes and misrepresentations:
(Question 197 here: https://www.aph.gov.au/Parliamentary_Business/Senate_Estimates/rrat/2018-19_Budget_estimates)

Let’s unpack this, starting with the market valuation:

So, a point estimate of $1,500/ML, a range of $1,100 to $2,300. Valuer even says “The majority of OLF licences would be considered to be in the lower end of this range.”
So @DeptAgNews's first claim is clearly untrue. Let’s move to the slipperier section:

The valuation does not state that “the department should be prepared to pay” a 10 to 30% premium. That’s just a lie. What it does say is this:

So “high standard” properties might get a premium. Weirdly, the 2 egs mainly cited are in a dif valley.

Were #watergate properties Clyde & Kia Ora “high standard” with “above average water use efficiency”? From our report:

This shows work *BY THE SAME VALUER* stating that they were *THE LEAST EFFICIENT* properties.

So the @DeptAgNews's valuer is clear that the #watergate properties were the *least* likely to earn a premium & most likely at the bottom of range that they had themselves commissioned.

Interestingly, the @ANAO_Australia's recent scathing report on water, noted there was no “framework designed to maximise the value for money” but also:

The new documents contradict this. They either didn’t have this doc or misrepresented it. Which is it, @ANAO_Australia ?
https://www.anao.gov.au/sites/default/files/Auditor-General_Report_2020-21_2.pdf

Where does this leave us? Taxpayers down $80m, Cayman Is up $52 million.

@DeptAgNews officials repeatedly misled Senate. Stay tuned for #estimates

But why? It can only be incompetence or wrongdoing.

Here’s our full report (may contain Elvis gags): https://www.tai.org.au/content/unredacted-documents-prove-commonwealth-paid-too-much-watergate

And mine and @MaryanneSlatte1's back catalogue on this issue https://www.tai.org.au/content/thats-not-how-you-haggle

https://www.tai.org.au/content/watergate-s-water-mates-buyers-and-sellers-australia-s-most-controversial-water

https://www.tai.org.au/content/rough-estimates-analysis-senate-estimates-documents-australia-s-most-controversial-water