I think we need to take a step backwards and explore why statutory corporations were brought into existence in the first place.
In the dim dark but not too distant past is was accepted that it was in the national interest that the provision of some products or services was so fundamental to the wellbeing of society so that , (1) their cost to the consumer should never be determined by market forces (supply and demand and what the customer was prepared to pay); and/or, though the bulk of the product/service was to be provided by the private sector, public sector involvement was deemed necessary so as to create a leveller in the market.
The first category used to be known as essential services and included products such as, the provision of a postal service so that even the poorest in the community could keep in contact by sending and receiving letters, the generation and supply of electricity so that all could access it at a reasonable cost, the supply of potable water etc. The second group comprised corporations which were Government owned and whose function it was to actively compete with like businesses in the private sector thus keeping prices within reasonable limits. Corporations which fell within these category included the Commonwealth Bank, Telecom, Medibank etc.
Now the one thing all politicians, irrespective of political persuasion, won’t abide is being held accountable. Therefore, that which holds them accountable must go and this, and not debt reduction, was the main reason why these corporation were sold off. For instance, when the generation and supply of electricity was a public sector function, every time the government wanted to increase prices there was a voter backlash.
So here is where we are now at.
Before privatisation, not only did we have some of the lowest electricity prices on the planet but as it also generated a profit that profit was to the benefit of the community as a whole. Today, we pay the highest prices in the world with all profits going to a select few. The same every essential service which has been sold off.
As for the levellers, in every case, once sold, there has been an increase in prices coupled with a reduction in service. As an example, when the Commonwealth Bank was government owned, not only did it operate at a profit, profits which were returned to the community vide general revenue, but also fees banks fees and charges were kept within reasonable limits. Then post sale, the banks went into a fee feeding frenzy so that now we pay some of the highest bank charges in the world. The same goes for telecommunications. We now pay some the highest phone and data charges in the world for what, in regional Australia is little more than a 3rd world service.
And it’s now medical insurance’s turn. Once Medibank has been sold off you will see a rapid increase in fees coupled with a similarly rapid decrease in services covered, thus forcing more and more people into the public sector funded medical services, services which can’t cope now. The end result, within 10 years we’ll have an American style system. That is if you can afford insurance, you get treated. If you can’t afford insurance, and you have a life threating condition - you die.
That is it has never been, nor will it ever be in the national interest that these corporations be sold off. However it has always been and will always be in political self-interest that they be sold and this is the driving force behind them being sold.
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