"The state government must immediately release all information about the involvement and financial commitment made by the South Australian government to the Holdfast Shores project," says Australian Democrats leader, Mike Elliott.

"In a one off venture with no future competitors the claim of commercial confidentiality for the Holdfast Shores project is just an excuse for secrecy.

"When over $40 million of public money and assets have been sunk into a project like Holdfast Shores, the taxpayer has a right to know how their money has been spent.

"Already the coast to the north of Holdfast Shores has been destabilised, and the cost of seaweed removal and sand dredging has blown out from the original budget of $306,000 per year to at least $2.2 million this year.

"With the state government today acknowledging they were joint venturers in the project, it also raises serious questions about a potential conflict of interest.

"It appears that the state government is responsible for carrying out environmental impact assessments, approving construction and maximising profits.

"Further, the Minister’s claim that his being named as owner on land titles was only a technicality as part of the divestment of crown land, only highlights a public land give away worth up to $20 million.

"I have had independent estimates that the land given to the developers exceeded $20 million in value, while almost $20 million was spent on constructing the Glenelg Harbour and Adelaide Shores boat ramp.

"With an estimated return of only $6 million to the taxpayer and the cost of the Barcoo Outlet yet to be finalised, the state government is sinking further and further into a money pit of its own making."