"These assets are not available for everyday expenditure; they all need investment and maintenance to keep them going. That's why you need to have a positive balance sheet."

Matthew Kelly has worked as a journalist for more than 25 years. He has been working as a general reporter at the Newcastle Herald since 2018.

In recent years he has reported on subjects including environment, energy, water security, manufacturing and higher education.

He has previously covered issues including the health and environmental impacts of uncovered coal wagons in the Hunter Valley, the pollution of legacy of former industrial sites and freedom of information issues.