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Legislative Assembly for the ACT: 2000 Week 8 Hansard (29 August) . . Page.. 2526 ..

MS CARNELL (continuing):

and dramatically overestimated the prices, the cost of the project. We believe that another approach was essential if we were to do everything we could to ensure that the very fast train project got up between Canberra and Sydney. I would certainly hope that those opposite would do exactly the same.

We believe that a number of the approaches that were used in the Westpac report were looking at the absolute worst case scenario-looking at discount rates that were simply not in line with market expectations and so on. So we got the Macquarie Bank to have another look at the whole thing. It does present a quite significantly different picture for the federal government.

Mr Speaker, I was asked, I think in question No 22 from Mr Stanhope, whether I was willing to make some comments on whether that has changed the views of the federal government. I will not in any way second-guess federal cabinet. I believe that we have at least a fighting chance of getting the project over the line, but who knows. One thing I can guarantee is that nobody can say we have not done everything we can. The cost of the report was $70,000.

MR STANHOPE: Mr Speaker, I ask a supplementary question. Can the Chief Minister confirm that the figures in the Macquarie Bank report have been officially dismissed as unsustainable by relevant Commonwealth officials? Can she say if the bank has indicated to her or the ACT or Commonwealth governments-officially or unofficially-any revision of its estimates, or changes to the basis on which they were made?

MS CARNELL: In the discussions I have had with various federal ministers-and that is almost all of them-they have not made any comments along those lines whatsoever. In fact, the Macquarie Bank report has been accepted very well by various ministers and departmental officials. I cannot understand why Mr Stanhope would try to undermine this approach. Surely he would agree that we as an Assembly should be doing everything we can to get this project over the line.

Macquarie Bank has done a large number of transport proposals, reports or consultancies both for Labor and Liberal governments in Australia. It has had a lot of experience with rail networks. So we believe that it is appropriate to continue to work hard. Those opposite would obviously sit on their hands and say, "Oh dear, the report that is on the table does not agree with what we would like to happen." Well, I have to say that if you do that, nothing will ever happen-absolutely nothing and certainly not very fast train projects.

At this stage I believe that our chances are pretty good in getting the project through to its next stage. But it is a very major project, there is a lot of money involved and there are a huge number of issues. To assume that all information, that all fact, exists in one particular company would be particularly stupid. So we went out and got another company to have a look at it.

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