Snowy Hydro 2.0 likely 'less than halfway' complete, expert warns after damning report

Snowy Hydro 2.0 is likely less than halfway complete, a warning echoed after a damning audit. The Australian National Audit Office faulted Snowy Hydro for weak cost controls, poor project oversight, and the absence of a credible schedule. The project is estimated at about $42 billion, far above the 2017 forecast of $2 billion, and has repeatedly missed its original completion dates. Snowy Hydro’s CEO had previously claimed around 70% completion, but independent experts contest that figure. The audit made five recommendations, including regular progress updates and stronger contractor accountability; Snowy Hydro largely accepted four of the five and partially accepted the public-progress reporting recommendation.

The company says it supports the recommendations and remains committed to improving delivery oversight, noting that the recommendations do not require fundamental changes to its delivery model or governance. Snowy Hydro 2.0 continues to face scrutiny as it weighs the political and fiscal implications of its staggering cost and delayed schedule, with taxpayers bearing a substantial portion of the project’s budget at about $42 billion.