Shadow Treasurer Curtis Pitt says the LNP now wants to use $3.4 billion in proceeds from asset sales to divert attention from its 2012 broken promise to cut power bills.

“At the same time as it exhausts the reported $3.4 billion subsidy fund, the LNP will wave goodbye forever to annual income of $2 billion from the assets it has earmarked for sale,” Mr Pitt said.

“The Opposition will need to study the details of the proposal but it seems to be based on spending $3.4 billion in proceeds from the sale of the very assets that generate around $2 billion in annual income to taxpayers.

“That $2 billion a year will be lost forever and over 30 years means taxpayers will lose $60 billion — a figure that dwarfs the one-off $3.4 billion subsidy fund.

“The Premier went to the 2012 election promising he had a ‘plan’ to cut power bills by $120 a year.

“But all we have seen since is a net rise in average bills of $440 a year.

“The supposed average benefits under this latest LNP proposal do not even meet the original $120 a year cut to bills the Premier said he would deliver but failed miserably to do.

“Recently he said power bills had peaked, yet Treasurer Tim Nicholls has never backed his own Premier on that statement.

“Now in another attempt to justify unnecessary asset sales and to cover up his 2012 broken promise, the Premier makes yet another promise.

“The LNP simply can’t be trusted to keep its promises.

“At the 2012 election it said it had a plan for economic growth without asset sales. It said it had a plan for 4% unemployment without asset sales, and it said it had a plan for a $120 cut to power bills without asset sales.

“None of those plans has ever seen the light of day,” Mr Pitt said.