Page 3272 - Week 11 - Thursday, 13 September 1990
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I shall put it, they would say, "Well, if that is the case, we will leave the things there with which we could build; we people who were about to work will not work; we will all go home". And if you do that long enough you end up with a situation like we have in Canberra where we are told we cannot afford to have the Royal Canberra Hospital because supposedly money cannot be created for capital works.
Now, I grant that the ACT Government, being a Territory, cannot create money for capital works. If the Federal Government continue with their effort to create statehood for the ACT and we did that, that would give them an interesting shock indeed. But the Federal Government could well have written the money to create the extra $150m, or whatever was needed, to refurbish the Canberra hospital. At that time there is an increase in an asset. Is that correct, Chief Minister? Could I ask the Chief Minister that question, through the Chair, of course. Chief Minister, would that be true? Would we have a more valuable asset if it were done like that?
Mr Kaine: You would probably have a more valuable asset.
MR STEVENSON: All right, we would have a more valuable asset. As we cannot use this power that is given by the Constitution to the States and the Commonwealth, what we should do is ensure that the Commonwealth uses it on our behalf - certainly pays us the money that it owes us, particularly for capital works. I am not suggesting that money should only be created by the governments. We do not have the power. If we did, if we had that power as a State, indeed we could. Let us push for statehood.
Mr Kaine: I thought you were going to abolish it.
MR STEVENSON: Let me explain something to you. If we were going to push for statehood and if we convinced the Labor Government that we would then create a State bank and create money, indeed they would abolish this. There is no doubt whatsoever that they would not take kindly to that because with the creation of credit goes power. The Government unfortunately has totally abrogated its responsibility and requirement under the Reserve Bank Act. I suggest that you read it where it talks about these powers being used for the good of Australians, because that is the requirement. And it can be done. The suggestion that interest rates should be 17 per cent or 15 per cent or 25 per cent for small business overdrafts is an absolute nonsense equivalent to suggesting that - - -
Mr Berry: We would be able to have seven hospitals.
MR STEVENSON: Yes, indeed. So what we need to do is get the Commonwealth Government to use that power. Perhaps as a first indication, members of the Assembly, apart perhaps from Mr Collaery, but certainly including Mr Prowse, could attend a lecture next Wednesday night at which time they will hear Mr Len Clampett's talk about the creation of
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