Media Release

Appointment of Advisers for Scoping Studies for Australian Hearing and Defence Housing Australia

MC 79/14

Senator the Hon. Mathias Cormann
Minister for Finance

5 August 2014

The Government is pleased to announce the appointment of business and legal advisers for the scoping studies into future ownership options for Australian Hearing and Defence Housing Australia.

Following a robust and competitive procurement process, the appointments are:

  • Australian Hearing - PricewaterhouseCoopers Securities Ltd (business advisers) and Herbert Smith Freehills (legal advisers)
  • Defence Housing Australia - Lazard Pty Ltd (business advisers) and Ashurst Australia (legal advisers).

These advisers will provide independent advice and recommendations around possible future ownership options ensuring the objectives for the scoping studies are met.

These objectives are to:

  • maintain service and quality levels for customers and private investors including in regional and rural Australia;
  • ensure any recommended outcome/s treat Australian Hearing and Defence Housing Australia employees in a fair manner, including through the preservation of accrued entitlements;
  • minimise any residual risks and liabilities to the Government; and
  • maximise the benefits to the Government.

As previously announced, should these assets proceed to sale, all proceeds will be re-invested into productivity enhancing infrastructure through the Asset Recycling Fund.

The Government will consider the recommendations of the scoping studies as part of the 2015-16 Budget.

No decision on future ownership options for Australian Hearing and Defence Housing Australia will be made until this time.

[ENDS]

Media Contact(s): 

Karen Wu 0428 350 139