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Legislative Assembly for the ACT: 1996 Week 6 Hansard (23 May) . . Page.. 1639 ..
MR DE DOMENICO (continuing):
Racecourse Development Fund and consequentially establish a Racing Development Fund. The establishment of the new fund will allow broader racing development projects to be funded from the reconstituted Racecourse Development Fund. The new Racing Development Fund will be the mechanism through which the racing industry will receive its distribution from ACTTAB turnover. The previous distribution arrangement, where ACTTAB paid the racing industry directly, has been replaced by a process where ACTTAB pays the Government and the Government pays the racing industry. This change is mechanical only.
The Bills ensure that the racing industry will continue to receive funding based on a percentage of ACTTAB racing turnover in the same timeframes. This arrangement is also consistent with the general approach by the ACT Government in respect of the financial management reforms. The Bills also provide for a wider function for ACTTAB, in that they allow it to undertake sports betting.
There are no direct costs associated with either Bill, and corporatisation should result in significant efficiency gains to the Government. I commend the Bills to the Assembly, as they will ensure a long-term future for ACTTAB, the racing industry and the ACT community.
Debate (on motion by Mr Wood) adjourned.
(CONSEQUENTIAL AMENDMENTS) BILL 1996
MR DE DOMENICO (Minister for Urban Services and Minister for Business, Employment and Tourism) (10.42): Mr Speaker, I present the Betting (Corporatisation) (Consequential Amendments) Bill 1996, together with its explanatory memorandum.
Title read by Clerk.
MR DE DOMENICO: I move:
That this Bill be agreed to in principle.
I have just presented the Betting (Corporatisation) (Consequential Amendments) Bill 1996, the purpose of which I discussed when presenting the Betting (Corporatisation) (Consequential Provisions) Bill 1996.
Debate (on motion by Mr Wood) adjourned.
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