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Caroline Nowacki

Privatization programs have had limited success, because of the perception that governments give up value when leasing assets to the private sector, and that the proceeds of the sale/lease seem to disappear as they are used to repay debts and correct unbalanced budgets. This case study of New South Wales, Australia argues that the state can organize to make the most of private investors’ will to buy operating assets to support a strong program of reinvestment in new infrastructure projects, thus not giving up value nor expertise in the privatization process. It inspires a new model of the developmental state that gets inspiration from working with the private sector, without necessarily giving up on social and environmental considerations. This chapter describes how infrastructure asset recycling can be an improved privatization program, using privatization sale proceeds to fund an integrated, long-term infrastructure plan, and how a new independent government agency was key to ensure the reinvestment step was successful.