Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 1997 Week 4 Hansard (8 May) . . Page.. 1146 ..

MR HUMPHRIES: I am aware that some parties have spoken about compensation. I have made it equally clear to those parties that the agreement itself and settlement of the legal action were compensation enough, as far as I was concerned; that a separate lease would be allocated to the ACT Leagues Club for their part of the oval and that the Raiders would have the other playing part of the oval, so that the revenue producing part of the oval would belong to the Leagues Club but the playing part of the site would belong to the Canberra Raiders. My understanding of the agreement was that there was not going to be any significant amount of compensation paid between the parties. Even Mr Hird, who has connections with the Leagues Club, I understand, is prepared to accept that position, apparently, on behalf of the Leagues Club. I would suggest that that is the position that we all ought to accept as the agreement reached last December.

MS HORODNY: My question is directed to the Chief Minister. Chief Minister, in your budget statement you said that there would be no new borrowings in the general government sector, but buried in Budget Paper No. 4 is a statement that the Interim Kingston Foreshore Development Authority is being funded in 1997-98 on the basis of borrowings of nearly $1m. The budget paper says that the borrowings and accumulated interest are to be paid back from revenue raised over the life of the project, but it is borrowing nonetheless. The budget paper says that this practice is consistent with the operations of the Gungahlin Development Authority; but this authority has already been established by an Act of the Assembly and has clear commercial objectives, whereas the future use of the Kingston site is by no means settled yet. The Kingston Foreshore Development Authority is only an interim authority, and there is no clear idea as to what revenue may accrue to the Government in the future. In the light of what is happening with the Kingston foreshore development, are you stretching the truth in saying that there will be no new borrowings?

MRS CARNELL: It is unfortunate that Ms Horodny does not understand how that borrowing is going to happen. It is internal, Ms Horodny. It is not an external borrowing at all. The Kingston Foreshore Development Authority will borrow from the Central Financing Unit, so it is an internal transaction. There are no new borrowings in the general government sector outside the ACT Government - end of deal. What we are doing with the Kingston Foreshore Development Authority is allowing them to draw from the Central Financing Unit $1m, if they need it of course, to get the project on the road. That will then be paid back to the Central Financing Unit when money is generated from the sale of land. You are right; it is an interim authority and, obviously, legislation will have to come forward to make it a permanent authority under appropriate Acts of this Assembly. But there are no new borrowings in the general government sector. It is an internal transaction between two parts of government.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .