The ABC this morning revealed Ipswich City Council’s development business, Ipswich City Properties has lost almost $85 million.
The development arm of the council has lost almost half of the annual rate haul for the city in the venture.
It has lost money on operations every year it has been in existence.
The venture was started with a $45 million loan from the Queensland State Treasury, which will have to be repaid.
The council has already written off a $34 million loan made to the company, which had no conditions attached.
Leading Accountants have questioned the practices of the council relating to the venture, saying that ultimately ratepayers will be responsible for the loss repayments.