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Legislative Assembly for the ACT: 1999 Week 7 Hansard (2 July) . . Page.. 2121 ..

MR HIRD (continuing):

The Committee's Report on the financing of Bruce Stadium is proof of its refusal to take account of information and explanations provided.

The facts of the Bruce Stadium redevelopment are simple. It was announced from day one that private sector participation would be sought in the redevelopment, with the government's contribution to construction costs limited to $12.3 million.

Whether this participation was an up front capital contribution, or a loan serviced by capital contribution and operational revenue, is a matter of degree not concept. In fact, there was always to be a loan ... as the committee acknowledges .... Mr Speaker.

The short-term project financing from the CFU, as the documentation shows, was approved. However, there was an administrative defect in the form of that approval and the government has apologised for the administrative deficiency.

Contrary to the committee's allegation, the overnight loan was not to cover an unlawful act, but was as per the conditions of the approval.

Mr Speaker ... the committee should not make allegations it knows to be false.

It knows that the loan was NOT a device to obscure the expenditure of non appropriated monies. It knows that the loan was fully disclosed in numerous places, including the end of year financial statements which were scrutinised by the Estimates Committee in late 1998.

The committee also knows that there was no improper or unlawful motive. The people concerned acted, as they have always done, believing that they did so fully within the law.

The only area of legitimate criticism is that the normally high standards of administration and process control achieved by the department were not met on this occasion.

However, it was not so much that officers acted without diligence or improperly, but rather they relied on long standing practice.

Contrary to what the Committee says, the corporate and financial structure for Bruce Stadium is not extraordinarily complex and intricate ... Mr Speaker.

Indeed ... Mr Speaker ... it is normal business practice but, SIGNIFICANTLY, is outside the limited experience of members of the committee!

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