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Legislative Assembly for the ACT: 1997 Week 11 Hansard (4 November) . . Page.. 3510 ..

MR WHITECROSS (continuing):

In conclusion, the Government has found a second way of profiting from its profligate decision to take $100m in extraordinary dividends from ACTEW and force it to borrow as a way of disguising the fact that the Government needs to borrow to fund its deficit. Not only is the Government going to take $100m out of ACTEW but also it is profiting on the way through - - -

Mrs Carnell: Mr Speaker, I take a point of order. I am very happy to hear Mr Whitecross give the speech he has given about 10 times before; but, as it is not relevant to the issue that is on the table, maybe you would like to call the member to order.

MR WHITECROSS: Mr Speaker, I know Mrs Carnell does not like the truth being hurled in her face; but, in fact, it is totally relevant because we are talking about borrowing by corporations. The only corporation which wants to borrow is ACTEW and it has to borrow only because Mrs Carnell made it cough up $100m.

Mrs Carnell: On the point of order, Mr Speaker: It is obvious that Mr Whitecross does not know what is in the Bill, because it has nothing at all to do with the $100m in the budget with regard to ACTEW. It is about where ACTEW has a capacity to borrow from, not how much or levels of debt.

MR WHITECROSS: Mr Speaker, Mrs Carnell will get a right of reply in due course.

Mrs Carnell: Mr Speaker, would you like to rule on this?

MR SPEAKER: This is an amendment to the Territory Owned Corporations Act to facilitate direct borrowings by Territory-owned corporations from the Territory without the need for specific appropriation.

MR WHITECROSS: Mr Speaker, in speaking to the point of order, I make the very simple point that it is about how Territory-owned corporations go about raising borrowings. There is only one Territory-owned corporation which is contemplating raising borrowings, and that is ACTEW. It is contemplating raising borrowings only because of Government policy decisions.

MR SPEAKER: The Chair is not aware of that.

MR WHITECROSS: If you listen to my speech, Mr Speaker, you will become aware of it, because it is a very interesting subject.

MR SPEAKER: Only if it is relevant to the legislation.

MR WHITECROSS: It is absolutely relevant to the legislation, Mr Speaker.

MR SPEAKER: The legislation is to facilitate direct borrowings.

Mrs Carnell: Mr Speaker, if you would like me to explain it, I would be very happy to.

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