Snowy Hydro which we who lived through its construction fondly remember as the Snowy Scheme, was purchased outright by the Commonwealth from NSW and Vic. last year. This was just before they committed around $1.3b in govt subsidy to the boondoggle known as Snowy2.0. This was an attempt by Turnbull to shore up his hold on power. He claimed at the time : 1. No govt subsidy, 2. A cost of $2bn, and 3. Completion within 4 years.
All of these have been proven false (hence my branding as "boondoggle"). As others have stated, pumped hydro is able to be placed at many locations nearer to demand than the remote Snowy. Extra transmission capacity requires another huge lump of money to distribute this power to centers of demand.
Undoubtedly, this incompetent government finds little difficulty in spending from the treasury to finance window dressing. No mention over the last 6 years of the "Debt and deficit disaster" that they crowed about when they were in opposition.
The states are now crying out for federal money to attempt to patch together an energy plan criminally lacking because the LNP DO NOT govern for the good of the country.