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Legislative Assembly for the ACT: 2000 Week 8 Hansard (29 August) . . Page.. 2499 ..

MS CARNELL (continuing):

memorandum of understanding between the ACT government and AGL; and the formal consent signed by the Treasurer and I in accordance with section 16 of the Territory Owned Corporations Act 1990, relating to the disposal of main undertakings and relevant subsidiaries.

Mr Speaker, we have tabled today an extensive range of checks and balances by a number of independent entities, by ACTEW, by the chief executives of respective departments and by the Government Solicitor. A large amount of information was made available during the whole process to the Assembly committee, and I thank them for the work they have done as well.

This is a significant milestone for the ACT and for ACTEW. It is already being seen as a model for other parts of Australia, for other government entities, as a way to maximise growth and minimise risk while maintaining the ownership of assets. Mr Speaker, that was the brief that this Assembly gave to the government-that it did not want to sell ACTEW assets. The assets have not been sold, Mr Speaker. The majority of the Assembly indicated that they did want the ACT government to take very seriously the risks that were associated with the new electricity environment with regard to ACTEW. We have taken those risks seriously and we believe that the approach we have taken is in line with the Assembly requirements and a bill passed in the Assembly and is in the best interests of both ACTEW and the ACT shareholders of ACTEW.

Mr Speaker, I move:

MR QUINLAN (10.50): Mr Speaker, this response that I make today will have to be a qualified response and, although I am the chairman of the PAC, an individual response. We effectively at this moment have received a quite considerable volume of information. What we have been able to assimilate through committee activity does not include this volume of information. I understand, from informal discussions that we have had, that the probity auditor's report puts a tick on what has been done, the independent valuer's report puts a tick on the process of valuation, and that the directors of ACTEW, the ACTEW board, have recommended that the joint venture that has been taking shape over the last number of months is the joint venture that is being accepted today.

I have to say that I am a bit disappointed that the committee has not been afforded the time to absorb this information and incorporate it in its report. I can assure you that the committee has worked very hard on this project, and has attempted to do so with a greater spirit of goodwill and cooperation. We tried to demonstrate a little bit of leadership in the way things are done around here in terms of getting the right outcome for a decision already taken.

This is, as Mrs Carnell has pointed out, a major milestone. In fact, it is the most important decision, at least in terms of finances or economics, that has been taken in the ACT since the advent of local government. I can say from my experience on the committee that we have had nothing but cooperation from the officers, particularly those in ACTEW, who have been involved. There has been a free flow of information. We have made sure that we have provided, for our part, the opportunity for everybody who has a stake in this to talk to us, and to dovetail with the role that the committee has taken

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