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Legislative Assembly for the ACT: 2000 Week 1 Hansard (17 February) . . Page.. 256 ..

MR HUMPHRIES: That may be so, but the loans are also repaid for us by the Commonwealth.

Mr Berry: This is accrual accounting, Gary.

MR HUMPHRIES: No, the loans to us are repaid.

Mr Stanhope: When?

MR HUMPHRIES: Next year. In year two of the GST operation. I will confirm that, but that is my understanding.

Mr Stanhope: You cannot have it both ways.

MR HUMPHRIES: Sorry, we can have it both ways. The Commonwealth is providing loans to the ACT as, I understand, an accounting requirement from their end to ensure that they are not having to appropriate that money; that they can show that money as an asset, as money they have loaned and can be repaid to them.

Mr Quinlan: They do not want to show a deficit, but we have to. It is called double entry.

Mr Stanhope: How does your balance sheet look?

MR HUMPHRIES: It comes at no cost to our balance sheet, Mr Stanhope. The loan is made to us interest free and is repaid by the Commonwealth. Now, I do not know about you, but if someone offered me a loan that was interest free and was repaid by the person who lent it to me, I would take it. I am sure that your family would also take it if you were offered that amount.

Mr Quinlan: You expressed your own doubts about the validity of the promise of the Commonwealth in your first answer. You cannot account for it now.

Mr Berry: You either have the money or you don't.

Mr Hird: I cannot hear the answer.

MR SPEAKER: Order, please!

MR HUMPHRIES: Look, I know you are all excited by the idea of having these sorts of loans, and I am excited about it as well. Mr Speaker, I am prepared to take the offer on face value. If the ACT is short-changed in this respect, I am sure it will not be the only jurisdiction to receive that treatment. There are a number of issues to do with implementation of the GST which are to be discussed at the Ministerial Council on National Tax Reform next month. I have the feeling that the State and Territory Treasurers will be lined up on one side of the table and the Commonwealth Treasurer will be on the other.

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