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Legislative Assembly for the ACT: 2000 Week 2 Hansard (1 March) . . Page.. 443 ..

MR HUMPHRIES (continuing):

quarantining of payments that are made into the ACT's superannuation account so that such payments may be used only to meet the ACT's superannuation liabilities and attendant costs and overheads relating to the maintenance of that account. If , as a result of this transaction, money were available to be paid into the superannuation account, it would stay in that account until such time as retiring public servants, or whoever, were able to draw upon it.

MR BERRY: My question is to the Treasurer. Mr Humphries, on several occasions you talked about the transfer of assets to the new joint venture. You said that, if the arrangement does not work out, then all the assets would return to the Territory. On the basis of the question you last answered, is it also true that the Territory would have to return the cash to AGL?

MR HUMPHRIES: That is a possibility. If the arrangement between ACTEW and AGL were terminated after a short period of time, and the assets were more or less as they had been put in, there would be an equalisation payment from AGL to ACTEW and hence to the ACT community. If that whole thing were undone, then there would need to be a payment back to AGL to represent a reversal of the equalisation payment.

That represents no loss to the ACT since we would only receive the money as a result of the arrangement. We would have to repay the money. Clearly we will be no worse off as a community as a result of that, except that instead of having to take the $100m or whatever it might be out of the superannuation account - which, as my answer to Mr Osborne indicated, we cannot do - we would have to take it from consolidated revenue or some other source. But the ACT will be no worse off because we have $100m less in consolidated revenue but $100m more in the superannuation account. I am using $100m because it was a figure that was suggested in question time. That may or may not be the accurate figure.

I think that that is a reasonable position to be in. As I am sure every member in this place knows full well, the Territory does need to address the unfunded superannuation liability. It is a mammoth sword of Damocles hanging over this community.

Mr Berry: Oh, get out!

Ms Carnell: That is what the Auditor-General says.

MR HUMPHRIES: If I said it is Wednesday, Mr Berry would say that it was Thursday. How can I get the message across that the community has a huge problem?

Mr Berry: Most of which is of your own making.

MR HUMPHRIES: No. We have put more money into superannuation liability than any previous government has done, and we intend to continue that process to protect the future of this community. If you are telling me, Mr Berry, that you do not believe we have a superannuation problem, then heaven help this Territory if you ever get back into government.

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