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Legislative Assembly for the ACT: 1996 Week 6 Hansard (23 May) . . Page.. 1739 ..

MR MOORE (continuing):

Mr Whitecross suggests use of the blunt instrument - that is, if you do not like everything the government is doing you just change the government. As far as I am concerned, this is a case of Tweedledum and Tweedledee. I am much more interested in a check and balance about the legislation because the Bill says "in any prescribed investment". In other words, it is something that is done, effectively, as part of subordinate legislation. You are going to do it by guideline, and that is fine; but when the guidelines for investment are presented to the Assembly it is appropriate that the Assembly consider them.

As an Assembly we are being asked whether it is appropriate for the Government to invest on deposit with a bank. Yes, I am quite happy to accept that. Thank you for asking us. Is it appropriate for the Government to invest in the purchase of a bill of exchange that is drawn or accepted by a bank? Yes, I am happy to accept that too. What about a loan to a person who is a dealer in the short-term money market? Yes, that would be a useful way for us to invest, and the Assembly is going to approve that. What about investing in Commonwealth, State or Territory securities? Yes, that is an appropriate way to invest. Then there is "any other prescribed investment". We are quite happy to say that there will be times when, under guidelines, there will be other issues that we are prepared to accept as well; but bring them back to us and let us consider them in the normal and appropriate way, by means of a disallowable instrument. That is what this is about.

The Chief Minister, when Leader of the Opposition, supported this type of disallowable instrument again and again. I think it is appropriate, for openness of government, that the guidelines - the guidelines are all we are talking about, and Ms Tucker has clarified that as well - come back to us. I would hope that you would reconsider your position, and, Mr Whitecross, I would ask you to reconsider your position, too, because I think it is appropriate.

MRS CARNELL (Chief Minister and Treasurer) (6.14): Mr Speaker, if this Assembly wants to put a ban on any investments it has every capacity to do so by changing the legislation. For example, that has already been done with regard to derivatives. That is what we supported in opposition. We certainly suggested that the use of derivatives was not appropriate when it came to investments. That is in the legislation. Going to disallowable instruments to try to tell us how to control our investments, or the types of investments, really, Mr Speaker, gives this Assembly and the community the worst of all worlds. If there is any particular type of investment that this Assembly does not like, it is more than able to change the legislation, and that is what it should do - not go to disallowable instruments, which simply ties the hands of the government that is attempting to manage the Territory.

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