Brisbane's lease cost $1.4 billion in 1997, thats $2.3 billion in todays money. Hardly peppercorn, and hardly "given it".
Nobody forced anyone to sign the lease agreement! I do agree though that the government itself holds the most blame here - in return for that lease, unfettered rights to develop, charge and diversify must have been the nod nod wink wink side of getting anyone signed up.
Current governments are the same - "asset recycling" means exactly the same thing - leases and sales at huge prices are only achievable buy making the new operator able to make a profit by whatever means necessary.