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

Legislative Assembly for the ACT: 1998 Week 1 Hansard (30 April) . . Page.. 245 ..

MS CARNELL (Chief Minister and Treasurer) (3.42): Mr Speaker, for the information of members, I present the Government's response to Report No. 32 of the Standing Committee on Public Accounts of the Third Assembly entitled "Report on Lease/Leaseback of the Magistrates Court and the Dame Pattie Menzies Building", which was presented to the Assembly on 2 December 1997. I move:

That the Assembly takes note of the paper.

Mr Speaker, I am pleased to table the Government's response to this report by the Standing Committee on Public Accounts. The committee made one recommendation, and I am pleased to be able to say that the Government has already gone a long way to addressing the committee's recommendation. The Government undertook a comprehensive review of insurance risks during 1997-98. The review resulted in the Government setting up a centrally managed insurance fund to meet public liability claims and asset losses of an insurable nature. This practice is consistent with the financial management reforms implemented by this Government, including the asset management strategy. The financial management reforms also provide a basis for the management of interest rate risk. A key component of effective financial management is to match short-term assets with short-term liabilities and long-term assets with long-term liabilities. The lease/lease-back model fully meets this criterion.

This Government will provide the Assembly with a complete report on the management of insurance risks. We will also provide the Assembly with a report on the management of interest rate risk. However, it would be unreasonable for the Government to be unable to enter into a transaction, when it is cost effective to do so, pending a report from the Standing Committee on Public Accounts. I would like to thank the committee for its report and its attention to this important matter.

Question resolved in the affirmative.

MS CARNELL (Chief Minister and Treasurer): Mr Speaker, for the information of members, I present, pursuant to the Financial Management Act 1996, the consolidated financial management reports for the periods ending 31 January, 28 February and 31 March 1998, pursuant to section 26. The January and February reports were circulated to members when the Assembly was not sitting. I also present an instrument issued under section 15 and a statement of reasons, an instrument issued under section 15A and a statement of reasons, and an instrument issued under section 16 and a statement of reasons. I ask for leave to make a statement in relation to the instruments of transfer.

Leave granted.

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