Page 1020 - Week 04 - Wednesday, 28 March 1990
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Borrowing Restrictions
MRS GRASSBY: My question is to Mr Kaine, the Treasurer. I refer him to his reply to a question on 20 February 1990. Given Mr Kaine's often quoted concern for ACT borrowing levels, has he yet made any inquiries into the likely borrowing outcomes for this year and, if so, can he now tell the Assembly what they are likely to be?
MR KAINE: Mr Speaker, I have been reviewing the whole of this year's budget, including borrowings, to see how we can pull ourselves out of the hole that the previous Government put us into financially. Yes, I have had a look at the borrowings figure. I cannot quote you the exact figures but I can assure you that the total borrowings for the year will be less than was budgeted for by the Follett-Whalan Government.
There are a number of reasons for that. We have exercised some constraint and some control over the commencement of projects to which the borrowing relates and we are re-examining some projects to see whether they should proceed on the basis of borrowing at all. I think that my policy on borrowing is well-known - that we should be minimising borrowing because it merely creates a debt for the next generation and not this one; and secondly, that we should not borrow more than 50 per cent of the value of any project. We should not be committing ourselves to very large borrowing programs and committing the future revenues to the repayment of the interest.
However, I can assure Mrs Grassby that the borrowings program at the end of the year will be far less than that which was budgeted for by the Follett-Whalan Government.
Mr Speaker - Party Meetings
MR SPEAKER: I have an answer to a question without notice asked by Mr Whalan. On Thursday last Mr Whalan asked me a supplementary question without notice concerning my role as Speaker and my position as a member of the Alliance Government. In particular, Mr Whalan asked how I could reconcile an earlier statement by the Chief Minister when debating the role of Executive Deputies that I remain aloof from the day to day business of government with my commitment to being a member of the Alliance Government and attendance at joint party meetings. As I do not have any responsibilities of the type allocated to Executive Deputies, I believe that in the context of Mr Kaine's speech I am, and will remain, aloof from the day to day business of government.
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