Claims the predicted collapse of the Lane Cove Tunnel operators is because the NSW government miscalculated how many people would use it, have been rejected by the roads minister.
Analysts predict Connector Motorways will default on its $1.1 billion debt within months because of a decrease in traffic numbers.
Shadow Roads Minister Duncan Gay says the government is to blame for miscalculating how many drivers would use the tunnel.
“The Lane Cove Tunnel is an important and a good project that’s been run by a good company, yet it’s in trouble and you can only look at the information that the government’s given them and the running of this project by the government.
But Roads Minister Eric Roozendaal has hit back, telling 2GB’s Jason Morrison it’s got nothing to do with him.
“These are serious investors and players in the business community – they took a judgment, or they thought the project was worth when they pitched for it, and they accepted the risk.”
The tunnel is on the brink of collapse according to analysts, with usage numbers falling to 54 thousand cars a day, almost half its capacity.
Connector Motorways is reportedly ready to hand over the operation to its parent company in the US, with debts of more than a billion dollars.
