It will probably go ahead in order to save Malcolm Turnbull...

It will probably go ahead in order to save Malcolm Turnbull embarrassment, but for no other reason. A more sensible approach would be to build a geographically distributed network of smaller pumped hydro installations closer to centres of population. This would lessen the requirement (and costs) of network expansion to distribute the power throughout southern and eastern Australia, and get smaller projects on-line sooner and at lower (per MW/MWh) cost.

http://www.anu.edu.au/news/all-news/anu-identifies-5000-possible-pumped-hydro-sites