Page 1113 - Week 04 - Thursday, 21 April 1994
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Nor will the Native Title Bill directly address the extreme disadvantage so commonly faced by Aboriginal peoples and Torres Strait Islanders. With these considerations in mind, the Government is developing a social justice agenda for Aboriginal peoples and Torres Strait Islanders. Consistent with proper consultation with the ACT Aboriginal and Torres Strait Islander Council, the Government intends to unveil this agenda in the very near future. I present the explanatory memorandum for the Bill.
Debate (on motion by Mr Kaine) adjourned.
FINANCIAL AGREEMENT BILL 1994
MS FOLLETT (Chief Minister and Treasurer) (10.56): I present the Financial Agreement Bill 1994.
Title read by Clerk.
MS FOLLETT: I move:
That this Bill be agreed to in principle.
This Bill introduces an Act to approve a new financial agreement between the Commonwealth, States and Territories to provide for the continuation of Loan Council with a broadly specified role and powers. Importantly, it provides for formal membership of Loan Council for the Australian Capital Territory and the Northern Territory for the first time. Previously, the Territories had observer status only. This is a further milestone in achieving an equal footing with the States. The new agreement also abolishes the past restriction on States and the Northern Territory borrowing in their own name and removes the Commonwealth's power to borrow on behalf of the States.
The new agreement recognises that Loan Council scrutiny of public sector borrowings has for many years taken place under voluntary arrangements rather than the provisions of the agreement. The Commonwealth has undertaken no new money borrowings on behalf of the States since 1987-88 and the States' extensive borrowing activities are now conducted through their central borrowing authorities, outside the provisions of the agreement. The Australian Capital Territory undertakes borrowings on its own behalf which are also transacted outside the provisions of the agreement.
It is important that members appreciate the fact that many of the provisions of the new agreement do not apply to the Australian Capital Territory. For example, the Bill provides for the establishment of debt redemption arrangements, through the Debt Retirement Reserve Trust Account, to replace those operated through the former National Debt Sinking Fund. This has no relevance to the Australian Capital Territory as we were not party to these former arrangements. The Australian Capital Territory is repaying debt formerly raised on its behalf by the Commonwealth directly to the Consolidated Revenue Fund of the Commonwealth.
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