Why Snowy Hydro’s $25 billion cost blowout is a warning sign for other megaprojects

Key points

• The Snowy 2.0 hydro scheme in New South Wales is now expected to cost up to $25 billion, more than 12 times its original estimate. An official report confirmed the figure and said the project will not be completed until late 2029.
• The original $2 billion estimate, announced in 2017, had no business case behind it. The author argues that other large projects, including High Speed Rail and the Suburban Rail Loop, face similar risks.
• The author calls for an independent authority with real power to oversee major projects and to test cost estimates before approval.