Page 1561 - Week 06 - Wednesday, 2 May 1990
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MR DUBY: Yes, I do withdraw the remark, Mr Temporary Deputy Speaker.
MR TEMPORARY DEPUTY SPEAKER: Thank you. Mr Duby, please proceed.
MR DUBY: There is no question that Mr Berry was walking anywhere.
Mr Berry: On a point of order, Mr Temporary Deputy Speaker; that was fairly well qualified, I think.
MR TEMPORARY DEPUTY SPEAKER: Mr Duby, I believe that probably was a bit - - -
MR DUBY: I withdraw it unqualifiedly.
MR TEMPORARY DEPUTY SPEAKER: Thank you, Mr Duby. Please proceed.
MR DUBY: The amendments to the ACT Audit Act which are proposed in the Bill before the Assembly will give the ACT Government similar borrowing powers to those enjoyed by the States and the Northern Territory. Because of the lead times involved in loan raisings, it is imperative that appropriate legislative requirements are put in place at an early date to enable the 1989-90 borrowing program to proceed prior to 30 June 1990.
Section 61 of the Commonwealth's Australian Capital Territory (Self-Government) Act 1988 provides the authority for the Territory to borrow money on the open market and to regulate by legislation in terms of these borrowings. The Audit Act currently does not provide the complementary powers to enable regulations to be made. Mr Temporary Deputy Speaker, this Bill seeks to make this provision and also establishes a prudent legislative framework within which the borrowing program will operate. I commend the Bill.
MR KAINE (Treasurer) (4.35), in reply: I would like to thank most of the members for their contributions to this debate on the Audit (Amendment) Bill, principally the ones who did not say anything, because their contribution was probably the greater.
I believe that we now have legislation which sets in place a prudent framework of control for the ACT semi-government borrowing program both in this year and in future years and, in response to the comments of the Leader of the Opposition, a prudent borrowing program which the Treasurer of this Government will ensure keeps our public debt at a level that we can afford, in terms of our ability to service and repay it. I know that the Labor Party would go for a full-blown borrowing program that would leave future generations with a massive debt to service and repay. This Government will not put the people of the ACT in that position.
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