The taxpayers of New South Wales have accepted privatisation when the benefits are explained and the process is transparent. But the proposed sell-off of the NSW land titles registry is causing concern.

The government stands ready to sell to the highest bidder a highly profitable public asset that performs a vital, efficient and reliable service. The rationale it has provided to date is that the private sector is better placed to invest in technology and deliver faster processing times, new services and a better experience for business customers.

Premier Gladys Berejiklian must allow more time for LPI concerns to be addressed. Credit:Steven Siewert

But what about the risks? Land and Property Information records who owns what and how land is divided up. It issues the certificate of title for each piece of real estate sold in the state, underpinning $130 billion worth of transactions every year. Everyone in the state who buys, sells or owns real estate relies on its integrity. It works so well that other countries including Vietnam, Thailand and Russia have modelled their systems on it. It is a reliable monopoly that contributes $190 million a year to the state's coffers, of which nearly 70 per cent – $130 million – is profit.

To privatise an asset of such importance and calibre, you need not just a watertight case but an unimpeachable, transparent process. There is a perception that there has been some unnecessary haste to the transaction. The government has refused to release the scoping study, finalised in 2015, including the business case and cost-benefit analysis. It could announce as soon as this week which of the four bidders has won the right to operate the LPI for the next 35 years. When that happens the public will be none the wiser as to the actual value of the asset that has been sold on their behalf, nor whether the money raised – earmarked for an upgrade of ANZ Stadium and rebuilding Parramatta Stadium – justified the sale. There seems little doubt that a smoothly functioning land titles registry is of more benefit to more people than a couple of football grounds.