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Legislative Assembly for the ACT: 1997 Week 4 Hansard (6 May) . . Page.. 1006 ..

Of course, our commitment to small retailers does not stop there. A further $525,000 will be invested in the highly successful precinct management program, which this year will target Kingston, Manuka, Yarralumla, Rivett, Weston Creek and Kippax shopping centres. Forward design work for centres at Dickson, Charnwood and Hall will also be undertaken in consultation with precinct management groups. Stage 2 of the revitalisation of Garema Place, Civic Square and Ainslie Avenue will be completed in 1997-98 to give the centre of Canberra a badly needed facelift as well as improving public safety and amenity.

The next 12 months will see the development of new and improved sporting facilities for participants and spectators alike across Canberra. The second stage of the redevelopment of Bruce Stadium will occur in preparation for the staging of Olympic soccer matches and preliminary competition for the 2000 Olympics. A feasibility study will shortly begin into the upgrading of either Manuka Oval or Football Park at Phillip, with funding of $8m identified to improve lighting and facilities suitable for the staging of top level AFL matches in Canberra. Work will also begin on construction of a new $15m aquatic centre in Belconnen, while a total of $500,000 will be invested in the development of a hockey complex in Tuggeranong. I can also announce today that, following discussions with sporting and community groups, we have decided to make available additional funding of $350,000 in 1997-98 for additional watering and irrigation to maintain the standards of our sportsgrounds.

Mr Speaker, no major asset sales have been identified in the 1997-98 budget. This budget also does not contain any new taxes or charges. No new asset sales; no new taxes or charges. This is despite the fact that the Commonwealth has reduced funding to the ACT, as has been the case every year since self-government. Despite a successful Premiers Conference for the ACT where important concessions were extracted, we are still facing a further reduction of approximately $10m compared with 1996-97. We are determined to minimise the impact of higher living costs on Canberrans who are doing it tough and who will continue to do it tough for a bit longer yet. The overall increase in rates will be limited to inflation or 1.75 per cent.

The Government has decided to accept the recommendations of the independent Energy and Water Charges Commissioner to limit rises in electricity charges to less than forecast inflation and water charges to 5 per cent as part of a generally accepted move to a user-pays system. There will be no increase in bus fares and we will be trialling a new, cheaper $1 short-distance fare for daily off-peak travel within the CBD on ACTION buses. If successful, the trial will be quickly expanded to other town centres in Canberra.

Taxes and charges will remain under constant review by the Government to ensure that the ACT remains both competitive with New South Wales and an attractive destination for people wishing to live and work in the national capital. The Government will, however, be seeking the release of $100m in equity from the Territory-owned ACTEW Corporation as part of a major restructuring of its finances and to improve the financial return to ACT taxpayers. This restructure is urgently required following a review of ACTEW's debt to equity ratio of 0.9 of one per cent for electricity distribution, compared with a national average of 30 per cent for utilities. In simple terms, ACT taxpayers are

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