Very easy to take exception to this type of statement (which implies that "All labor govt's are economically ignorant"). I read the story of this from Wikipedia. Seems that it sought to utilise untried technology and failed to be economic. No mention of "meddlesome govt fiddling".
The late Turnbull govt embarked, with great ballyhoo, into Snowy 2.0. This was a boondoggle from the get go designed to show a competence in energy industry management that was simply not there.
The lies began immediately. Promised a $2b price tag, completion within 4 yrs and a cheap solution to provision of back-up power to Sydney and Melbourne.
There was scant mention that very expensive new transmission lines would be necessary, nor that transmission losses would equal roughly 50% of the output. It was claimed that no public money would be required. I read an earlier engineering report stating that the projected operating head of around 850m put it into an almost experimental (perhaps even dangerous) category of technological effort. The Feds used public money to make a generous offer to NSW and Victoria, buying out their remaining interest in the Snowy. Cynically, this could be seen as a move to prevent the States questioning the wisdom of this investment somewhere down the track.
There is also the question marks over the business case of the feds plan to finance a $600m gas plant in the contested Hunter electorate. Energy companies have vigorously denied that this is needed but the govt will press on regardless (and use Snowy Hydro, fully owned, to build it).
I am not qualified professionally in these areas, but, as a concerned citizen, wonder why it is always Labor administrations that wear the blame for poor economic decisions. I place on record that the only reason I have to vote against Liberal administrations is that the alternative is almost always a slightly better bet.