Morrie does a mass mail-out to bail out his latest privatisation scheme

Morris Iemma has just mailed out a letter to all NSW pensioners giving them an "iron-clad guarantee" that "my Government will continue to provide the $112 annual rebate on electricity bills for all pensioners" after privatisation of the State's electricity supplies.

Well that's settled. I'm vastly reassured. Hold on there a minute?

There's no mention of the fact that Morrie's "my Government" legally only lasts until the next election (John Howard taught us that with his weasel words on the GST).

Neither is there any guarantee that power company service fees and charges will not rise, and rise substantially, in the first three years of the electricity privatisation roll-out.

Missing also is any assurance that the cost to consumers per kilowatt hour will not start a sharp upward spiral within five years.

If other state privatisations are any indication, then the annual pensioner rebate is unlikely to pay for even one quarter's electricity account in the future.

Yes, Morrie my little mate, your fine pensioner rebate promises aren't worth the paper they're printed on.