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Legislative Assembly for the ACT: 1998 Week 7 Hansard (23 September) . . Page.. 2045 ..

MR OSBORNE (continuing):

Mr Speaker, in case members feel that the first two principles are a bit severe, I would like to point out that also included in the Bill are the two circumstances in which one or more of these principles can be ignored by the Executive. Firstly, the departure from these principles must be temporary. Secondly, at the same time as the budget is tabled the Treasurer must also table a document outlining the reasons for the departure, the approach the Executive intends to take to return to the principles, and the length of time that that approach is expected to take. All things considered, Mr Speaker, I believe that these principles are sensible and should serve the people of Canberra and the future of the Territory very well.

I also would like to take a few minutes to explain what these four principles do not mean. Firstly, they do not constitute a recipe for economic rationalism or the radical withdrawal or reduction of social services. There is no mandate in this Bill for a slash and burn approach to government spending. Any claim that there is would be an unfortunate display of ignorance and an unwillingness to try to understand the general concept of government fiscal responsibility.

Members may have already noted that there are no specific timeframes or amounts of money mentioned in the Bill. This will allow for long-term strategies of any political persuasion to be set in train, given that they have a hope of achieving the right goals.

Secondly, the Bill is not an excuse for the privatisation of publicly owned assets. I especially wanted to mention that just in case the Government was getting excited. I would remind them that there are many ways of maintaining the net worth of an asset without resorting to selling it, although that is one option, Mr Speaker.

Thirdly, this is not an endorsement of one party ideology over another. Any of the parties represented in this Assembly could easily operate successfully within the framework that I have outlined. What is not endorsed, however, is a fiscal approach that allows continual self-indulgent spending and then borrowing to cover the shortfalls. I believe that the voters have made it very clear that they do not want that. That is a lesson which I am not yet convinced some members of the Labor Party have learnt. If they are to have any hope of getting back into government in the near future, I believe that the people of Canberra would expect the Labor Party to support this Bill enthusiastically.

Mr Speaker, while the Bill does focus on the bottom line, I believe it does so only in a way that is socially responsible and with the good of the next generation of Canberrans at heart. It will be much easier for us to get the Territory's finances under control now while we still can than for a future government to have to make one courageous decision. We all know how much politicians are loath to make those. Mr Speaker, I commend this Bill to the Assembly.

Debate (on motion by Ms Carnell) adjourned.

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