Page 2562 - Week 09 - Thursday, 8 August 1991
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The amendments will ensure that gaming machine players are assured of at least a reasonable percentage return, whilst allowing entrepreneurial licensees to set a payout rate that will be more attractive to existing and potential patrons. This will improve the competitiveness of ACT clubs when compared with nearby New South Wales clubs, which already have flexibility to set variable player return rates. It is expected that the amendments will result in benefits to the industry and patrons alike; with the percentage return rate of many machines likely to increase to a rate above the present 87 per cent, thus allowing patrons greater playing time for a given stake. The requirement that the percentage payout be displayed on each machine will be retained, so that ACT club patrons will have an advantage over their New South Wales counterparts in knowing a little more about their chances of winning.
The Bill has been developed after comprehensive consultation with the gaming machine industry, particularly the Licensed Clubs Association which represents the majority of gaming machine operators in the Territory. Members of the Assembly should note that the industry fully agrees with the proposal. I present the explanatory memorandum for the Bill.
Debate (on motion by Mr Duby) adjourned.
CO-OPERATIVE SOCIETIES (AMENDMENT) BILL 1991
MS FOLLETT (Chief Minister and Treasurer) (10.44): Mr Speaker, I present the Co-operative Societies (Amendment) Bill 1991. I move:
That this Bill be agreed to in principle.
Mr Speaker, the Bill amends the principal Act, by requiring cooperative societies to prepare their financial statements in accordance with prescribed requirements. The prescribed requirements will be determined by the Executive, by regulation. These reporting requirements will apply to building societies, credit unions, trading cooperatives and housing societies registered in the ACT.
The Act presently contains no obligations to provide a particular level of disclosure in annual returns. This failing has encouraged some societies to provide an inadequate level of information regarding their financial position and performance. The lack of information has been of concern to the Registrar of Cooperative Societies and a cause of dissatisfaction to society members at annual general meetings. The Bill provides that the reporting requirements will substantially be the same as for companies under the corporations regulations of the Commonwealth. Societies will also be required to apply Australian accounting standards approved by the Australian
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