The Queensland government has sold down its Aurizon shares to less than 5%. This was according to a report published by The Sydney Morning Herald (SMH). The Liberal National Party (LNP) government sold 74.3 million shares, worth USD350 million, in the formerly state-run coal and bulk freight rail company. Treasurer Tim Nicholls said the shares were sold at USD4.71 apiece. He also said the proceeds are to be used for the reduction of state debt, the report said.

Nicholls said in a statement, "The Newman government is consistently reducing Labor's debt legacy, which was set to peak at $85.3 billion in 2014/15. We are also conscious to ensure our actions generate the best value for Queensland taxpayers."

In October 2012, the government was lambasted for selling its Aurizon stake, reducing its holding from 34% to 16%. But before the last election, the LNP changed and told voters that it would be selling more of its shares, the report stated.

Meanwhile, Aurizon's shares went up 1.8% to USD4.76 amidst weaker overall Australian share market, SMH reported.