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Legislative Assembly for the ACT: 1997 Week 9 Hansard (3 September) . . Page.. 2843 ..

MRS CARNELL (Chief Minister and Treasurer): Mr Speaker, for the information of members and pursuant to subsection 47(3) of the Financial Management Act 1996, I present an approval of a guarantee under an agreement between the Australian Capital Territory and the Advance Bank Australia Ltd. I ask for leave to make a short statement.

Leave granted.

MRS CARNELL: The approval is for the guarantee of payment by the Canberra Cannons Pty Ltd of $300,000. I stress that this is a guarantee. It is not, as has been incorrectly stated and reported in recent days, a loan, a grant or any other form of financial assistance. It is a guarantee under an agreement between the ACT and the Advance Bank, effective until 1 July in the year 2000. The Government's decision to provide this guarantee follows a formal application for financial assistance from the Canberra Cannons and represents a strong commitment to the Cannons basketball team in the National Basketball League.

The Cannons were a founding member of the NBL in 1979. Next year marks the Cannons' twentieth anniversary as a league member. In that time the Cannons have been the league's most successful team, winning three titles - in 1983, 1984 and 1988 - finishing runner-up twice, and participating in more play-offs and finals than any other team. And that is in a league rated in the top five in the world.

The Cannons organisation provides a number of tangible and intangible benefits to the people of Canberra. These include 20 full-time jobs for the Canberra community, with related flow-on effects; significant expenditure by visiting teams and supporters; increased profile of the ACT via national television, radio and print media; and reinforcement of Canberra's image as a vibrant city and centre of sporting excellence. Basketball is arguably the fastest growing sport in Australia, with a wider demographic appeal than many other sports, particularly for women and children. That is why the Cannons provide such an important focus for entertainment for the Canberra community. The Cannons have provided the Government with a clear undertaking to actively and demonstrably examine alternative funding sources, and will provide quarterly financial reports to the Department of Business, the Arts, Sport and Tourism.

Canberra has a proud sporting tradition. It is in the interest of all Canberrans that the Cannons remain a winning team and a successful business. In challenging times, people often look to sport for relaxation and to high-profile sporting teams for inspiration. The Government's decision in relation to this guarantee will ensure that the Cannons remain an integral part of Canberra's sporting fabric.

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