CAPTION: To raise between A$700m and A$1bn for refurbishing run-down parts of the rail network in New South Wales, State Transport Minister Michael Costa, who also holds the Forestry portfolio, has persuaded his government colleagues to sell off state-owned forestry reserves. Around 230000ha stretching from Lithgow and Oberon to the west of Sydney as far as Tumut and Adelong in the south will be sold to the private sector. The state Treasury is already negotiating with at least one bidder, believed to be an overseas pension fund. Dieter feels that the railways might be able to earn further profits when the time comes to harvest the timber