Here we go again, another year (2021-2022 Financial Year) the NSW Government (NSW Treasury) has topped up iCare with another Grant from the Crown, to the tune of $27,672,000.00.
For the 5th consecutive year in a row, NSW Treasury has handed over more than quarter of a billion dollars, ($263,274,000.00 to be exact).
This is not including the years prior, that the NSW Treasury has provided “Grants” (Gifts) to a failed accounting system (HBCF), run by a Government department (iCare).
These figures have been brought forward from annual financial reports on the iCare website, follow this link https://www.icare.nsw.gov.au/about-us/annual-reports#gref
The ’22 Financial Report also indicates that the Home Building Compensation Fund had a loss of over $35,000,000.00 in investment income.
You’ve got to ask yourself, what is a public service organisation investing in, when they can not even manage the premiums that they receive.
Do you think quarter of a billion dollars would be best spent on Schools and Hospitals, or is it best to keep allowing the NSW Treasury to keep ploughing the money into a failed Home Warranty Programme (Currently called Home Building Compensation Fund), which is run by accountants, that ask builders to tell the future, that’s right, they ask builders what there next 12 months cash flow will be.
The root of the problem can not be solved by bureaucrats and accounts, and the solution is much simpler than you would be believe, and with less overheads to run the system.
Contact me directly at firstname.lastname@example.org if you would like to discuss this further.