If the Responsible Agency becomes aware of a likely or proposed material contractual or commercial risk exposure or allocation change to an existing PPP, NSW Treasury must be consulted prior to agreeing or negotiating such changes. This includes the refinancing of any private sector debt, regardless of whether it is a consent or no consent refinance arrangement, or a change in control of a key private sector party. Refer to section 7 and Appendix 5 for further guidance.
The Responsible Agency may be required to obtain Treasurer approval, the approval of the portfolio Minister, and/or Cabinet (or appropriate Cabinet sub-committee) approval prior to renegotiating any significant elements of, or agreeing to any material variations to a PPP, particularly where there is a significant budget risk or impact on the State's actual or contingent liabilities.
NSW Treasury, in consultation with the Department of Premier and Cabinet where necessary, will provide guidance as to whether it would be appropriate to seek the approval of the Treasurer, portfolio Minister and/or Cabinet (or appropriate Cabinet sub-committee).