Page 1473 - Week 05 - Wednesday, 17 April 1991
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Mr Speaker, I seek leave to make a short statement.
Leave granted.
MR COLLAERY: The two Community Law Reform Committee reports have resulted in legislation which will be presented in the Assembly in the near future.
CIVIC SQUARE REDEVELOPMENT PROJECT
Ministerial Statement
MR KAINE (Chief Minister), by leave: My previous statement on this matter on 19 March indicated that the Government had given the preferred tenderer a 28-day extension to confirm sources of finance for the project. That period expired yesterday. The Government has now been advised that the preferred tenderer for the project has not been able to secure finance.
It should be remembered that the concept of a redeveloped Civic Square precinct, which the Territory inherited from the Commonwealth, involved more than just a casino and required tenderers to develop a scheme including hotel accommodation, offices and other commercial uses that would provide new life to the city centre. It would be fair to conclude that, despite very strong interest in establishing a casino in the Territory, the level of project finance required for the total development has proven difficult to secure in the current market in what is generally a subdued Australian economy.
The process begun by the Labor Government so many months ago has now run its course. The Government is extremely disappointed with the outcome of this process. However, it is still very much aware of the benefits that will accrue to the Territory with the establishment of such a project. These benefits are in terms of employment in the construction industry, positive impacts for tourism, long-term employment and Territory revenue, combined with a general boost to the Territory's economy.
Ministers will consider as soon as possible other action that the Government can take to ensure that the failure of this process does not have serious consequences for the local economy. These considerations will include a possible new process for the establishment of a casino and other initiatives to encourage the local construction industry.
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