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Council Admits Economics Flawed

After our Campaign brought to East Gippsland Shire Council’s attention the major mistakes in the Buchan Report on Bastion Point economics, the consultants have released a revised report.  The consultants have corrected for the $2.8 million annual mistake, which has been labelled by Council as ‘an anomaly’. Read our Media Release on the revised Buchan report, and see the one page Economists at Large response and our 10 point summary of the where the revised Buchan report still doesn’t add up. According to the Council  Media Release, Buchan reduced their calculated benefit cost ratio to 1.6 – this is a quarter of that previously advised as it falls from 6.4 to 1.6. It has now been confirmed that the original version of this report, which is so far out in is economic predictions, was used in Council’s grant applications for funding by Regional Development Victoria and Transport Safety Victoria. See the Bairnsdale Advertiser article, and letters. See also Bastion Funding Fails the Tests.