Snowy Hydro executives paid $1.2 million in bonuses as project costs spiral
Executives at Australia's largest renewable energy project received bonuses in fiscal 2026 even as costs ballooned from A$5.9 billion to A$12 billion. An independent audit report has triggered sharp criticism.
An independent report from the Australian National Audit Office (ANAO) revealed that outgoing CEO Dennis Barnes received an A$850,000 performance bonus during the Snowy 2.0 project. Board members were paid a combined A$1.2 million in bonuses in the same period, while the project's estimated completion cost rose from A$5.9 billion to A$12 billion.
The report also found that the project's delivery date has been pushed from 2025 to 2031, that the tunnel boring machine has been halted for a total of 8 months because of two separate breakdowns, and that prefabricated concrete works did not meet the original specifications. Federal Treasurer Jim Chalmers said the findings of the audit report are 'unacceptable'.
Public debate has intensified on the case that Snowy Hydro's governance structure should report more directly to the federal government. The Greens and several independent MPs are calling for a Senate inquiry into the project's funding flows. Snowy Hydro's board said it accepts the audit findings but that the bonus payments are within contractual obligations.
More from Australia-Pacific
Aspiration has changed since the Howard era. This budget is finally catching up
Treasurer Jim Chalmers's 2026-27 budget proposes a sweeping reorientation of housing, childcare and education incentives. According to ABC analysis, the budget breaks with the middle-class identity of the John Howard era and refocuses on a younger generation of renting voters.
Cuba accepts $140m American aid offer, Rubio confirms
US Secretary of State Marco Rubio said the Havana government has accepted a package covering fuel, food and electrical-grid materials. It is a surprise diplomatic step that follows the Castro indictment.
Will drastic NDIS overhaul repeat the mistakes of the past?
Australia's planned overhaul of the National Disability Insurance Scheme is raising fears that the cuts could repeat the mistakes of the 1980s deinstitutionalisation wave. Advocates and health experts warn sudden changes could leave a serious care gap.