That this Bill be agreed to in principle.

Mr Speaker, this Bill provides for the establishment of a new statutory authority to be named Stadiums Corporation. Following its establishment the Government proposes that the corporation will take over the underlying business activities of Bruce Operations Pty Ltd and be responsible for future administration of Bruce Stadium. This will clarify the relationship of the administration of Bruce Stadium with the activities of the ACT Legislative Assembly. It will also increase public oversight and accountability of the business activities.

The formation of the corporation will introduce a higher degree of accountability and public responsibility that will take the stadium into a new millennium.

Mr Speaker, Stadium Corporation will ensure that the Canberra community will continue to enjoy a pre-eminent sporting and functions facility. It will also provide a sound foundation and mechanism through which the ACT community will be able to be kept informed of the stadium's performance.

Stadiums Corporation will be managed by a board of directors with appropriate industry experience. In order to facilitate the transfer of the business activities of BOPL to the Stadiums Corporation, it is the Governments intention to seek the agreement of the Legislative Assembly's Standing Committee for the Chief Minister's Portfolio to the appointment of the existing Directors of Bruce Operations Pty Ltd to the Board of Stadiums Corporation.

Mr Speaker, the Bill provides that where existing public servants become employed by Stadiums Corporation, they may transfer with their existing accumulated leave entitlements.