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Legislative Assembly for the ACT: 1997 Week 8 Hansard (27 August) . . Page.. 2522 ..

Mr Stefaniak: On a point of order, Mr Speaker: Quite clearly, that is unparliamentary.

MR SPEAKER: Order! Withdraw.

MR WHITECROSS: I withdraw. The facts speak for themselves, as usual, Mr Speaker. Chief Minister, I refer to the redevelopment of Bruce Stadium which is projected to cost over $27m, of which ACT taxpayers are paying $12.3m, with the remaining $15m to be provided by private finance. In answer to a question yesterday you indicated that work on Bruce Stadium was expected to commence in September. Has the project manager, CRI Project Management Pty Ltd, secured the $15m in private finance necessary to fully fund the project? If they have not, will you give a commitment that work on the project will not commence until the full funding for the project is secured?

MRS CARNELL: Mr Speaker, we have given an undertaking that there will be $12.3m worth of government money. As was put to the Estimates Committee, there will be $7m in a loan to be repaid through operating revenue, and $8m up-front revenue through the sale of sponsorship, naming rights, and food and beverage rights. Mr Speaker, I understand that Graf Consulting International, which I explained yesterday was actually looking after these sponsorship issues, are very confident that these figures will be reached. We have made a commitment that there will not be more than $12.3m worth of ACT money. It is in the budget.

Mr Speaker, I am fascinated that those opposite seem to want to undermine a project that has made Canberra an Olympic city. I heard Kevin Neil of the Raiders speaking this morning, and saying that it is a great project. It will give our codes an opportunity to achieve fairly good returns in the future, inasmuch as the corporate facilities will be better. In other words, the whole facility will be very much a state-of-the-art facility. What we have here is a state-of-the-art facility. We will be an Olympic city. I think we will have 11 Olympic games here in the ACT, and those opposite want to knock it. I think it says everything about the Opposition, Mr Speaker.

MR WHITECROSS: I have a supplementary question. Chief Minister, can you give this house an undertaking that the ACT taxpayers will not be lending the $7m to be repaid out of operating things and that that money will be raised privately? Can you explain to the house who is underwriting the $8m worth of sponsorship that you are saying you are confident will be raised and is not being underwritten by the ACT taxpayers? Or is it the case that the ACT taxpayers are underwriting the full $15m and that the venture is, in reality, going to expose the ACT community to an additional $15m liability over and above the $12.3m already appropriated?

MRS CARNELL: Mr Speaker, maybe it was a good thing that Mr Whitecross stopped being shadow Treasurer. It is certainly good that he does not have anything to do with business, but probably none of those opposite should be anywhere near that at all. He would be very well aware that the ACT Government will ensure that the loan is achieved on the best possible rates. I have to say that wherever the best deal can be got is where it will be achieved. Mr Speaker, in terms of the $8m to be raised through up-front revenue - - -

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