Home' Future Building Australian Infrastructure Review : Volume 4 Number 1 Contents Chairman's Panel
30 futurebuilding Volume 4 Number 1
Swati Dave, Executive General Manager of Specialised
Finance, Products & Markets at NAB
Swati is the Executive General Manager of Specialised Finance, Product & Markets at National Australia
Bank. She leads a specialist team with responsibility for providing advice and nancing solutions across
the infrastructure, energy and utilities, and resources sectors in Australia, the United Kingdom, Hong Kong
Swati has over 25 years' banking and nance experience encompassing retail banking, corporate and
institutional banking, project and infrastructure nance, project advisory, private capital, strategy and
Prior to joining NAB Capital in 2005, Swati held a number of senior roles at Deutsche Bank, AMP
Henderson Global Investors, Bankers Trust and Westpac.
Swati holds a Bachelor of Commerce degree from the University of Newcastle and is a graduate of the
Australian Institute of Company Directors.
Swati is a director of Australian Hearing and the Chair of its Audit and Risk Committee.
James Stewart OBE, Chairman, Global Infrastructure, KPMG
James joined KPMG in May 2011. He is Chairman of KPMG's Global Infrastructure practice. Prior to joining
KPMG, James was based in the Treasury as the CEO of Infrastructure UK, and was previously CEO of
Partnerships UK for 10 years. Before that, James spent 14 years at Hambros and Société Generale.
James has been involved in the infrastructure and PPP markets for over 20 years, and now spends his time
advising governments and private sector companies around the world.
Dr Kerry Schott, Director, NBN Co., Chairman, Moorebank
Intermodal Company, Infrastructure Australia Board Member
Kerry Schott is Chairman of the Moorebank Intermodal Company Ltd, a Director of NBN Co., a Director of the
TCorp Board in New South Wales, a member of the Infrastructure Australia Board, patron and board member
of Infrastructure Partnerships Australia, and a member of the Whitlam Institute Board.
Kerry is the Project Director for the New South Wales Treasury, managing the current sales of the
government-owned electricity generating plants. Kerry was previously the Project Director of the successful
sale and lease of the Sydney Desalination Plant. She completed her role as CEO of the Commission of Audit
for the New South Wales Government early in 2012. Previously, Kerry was Managing Director and CEO of
Sydney Water from 2006 to 2011.
There's plenty of scope for a full-scale review, and
GST has to be included -- noting that I am not in any
way suggesting that the Government can or should
reverse its promise of no changes to the GST in its
rst term. The point is a simple one: there should be
a comprehensive review.
Ultimately, this debate is like the user-pays
argument -- if you're eventually going to change the
GST, the public has to have a positive view of what
they're receiving in return.
MB: James, can we get some observations from
you and your international perspective on taxation
reform, and what you're seeing?
JS: The point I'd make is that as federal money
perhaps dries up for certain projects, states have
to fund them in their own right. States will look
to receive some bene t from the wider national
economic bene ts. A state-funded project will
bene t the national tax coffers, and the question you
then ask is: at what point do the national tax coffers
start to give something back to the state?
There's been a very interesting deal in the
United Kingdom just in the last six months: the
City of Manchester has done a deal with the
Ministry of Finance, the Treasury in London,
whereby when Manchester invests a local pound
in infrastructure, the Treasury, over time, will make
payments to Manchester to reflect the national
tax that is generated from that infrastructure
investment, and there is a negotiated formula that
deals with that.
So it's quite an interesting principle, and, as cities
become more self-suf cient for more projects, this
issue will begin to raise its head.
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