A collaboration between the New South Wales Government and the residents of Sydney led to the creation in 2001 of the “Harbour Trust”, to preserve certain iconic waterfront sites and open them up to the public. The Harbour Trust is currently under review. Its Chairman is concerned that its funding may be under threat. He is calling not just for a financial commitment from the government for the next 5 to 10 years, but wants to be able to sign long-term 49 year leases. The move would allow private investment to be used to restore and re-use heritage, which is currently not possible. The stance is also a reaction to current controversy surrounding the risks of privatising certain sites, following proposals by a private foundation to turn one of the sites managed by the Harbour Trust, Cockatoo Island, into a permanent “art island”.