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Legislative Assembly for the ACT: 1997 Week 11 Hansard (5 November) . . Page.. 3650 ..

Mr Whitecross: Is this a point of order?

Mr Corbell: There is no point of order.

MR SPEAKER: Order!

MR WHITECROSS: Mr Speaker, I seek leave to make a personal explanation under standing order 46.

MR SPEAKER: Yes.

MR WHITECROSS: Mr Speaker, in question time Mrs Carnell misrepresented me when she said that I misled the Assembly by saying that she had never made a ministerial statement in relation to gas reform, whereas in fact she made one only yesterday. An inspection of Mrs Carnell's ministerial statement reveals that there was one sentence, exactly 10 words, on gas reform, not a ministerial statement.

MR SPEAKER: Order! That is not a personal explanation. It has nothing to do - - -

MR WHITECROSS: I was misrepresented and I have clarified the matter.

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 Commonwealth Bank of Australia. I ask for leave to make a short statement.

Leave granted.

MRS CARNELL: In accordance with subsection 47(3) of the Financial Management Act 1996, I have tabled a copy of an approval I have given in relation to a guarantee by the Territory. The approval relates to an amended finance facility between the Commonwealth Bank of Australia and Harcourt Hill Pty Ltd.

The original guarantee was provided by the previous Government in respect of a $25m loan facility by Harcourt Hill in October 1993. This provided an unconditional and irrevocable undertaking by the Territory to the Commonwealth Bank to pay any amount outstanding on the fifth anniversary of the facility - that is, by October 1998. At present $16m of the original facility remains outstanding. Harcourt Hill has other debts and financing requirements of an additional $4m. There is no prospect of repayment of these amounts prior to the time the Government's existing guarantee takes effect.

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