Melbourne Water has to borrow $55.3 Million from the State to pay for an unexpected increase in it's State imposed Land Tax bill.
So borrow from the State to give it back to the State.
This is after all State owned water companies were loaded with $billions of debt to pay for the unused Desal Plant back in 2008. On top of this debt, in 2023, Andrews ripped another $700 million repatriation from the Water companies to help bolster the State Budget.
What will be the total Land Tax bill from all 19 odd Government Water Utilities across the State, at this stage we do not know.
This is all off budget borrowings, forced on the these State Government utilities by the State Government. One guess on what will happen to our water rates.
