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Legislative Assembly for the ACT: 2000 Week 11 Hansard (28 November) . . Page.. 3314 ..
MR MOORE (continuing):
The financial statements of the Kingston Foreshore Development Authority annual report include a previously omitted note 2.15, "Events Subsequent to Balance Date". The remuneration paid to board members is now identified under note 3.16, "Related Party Disclosures", instead of "Consultancies and Contractors".
Mr Moore presented the following papers:
Financial Management Act-
Consolidated Financial Management Report for the month and financial year to date for the period ending 30 September 2000, pursuant to section 26.
Approval of guarantees (5) under agreements between the Australian Capital Territory and the CPS Credit Union Co-operative (ACT) for loans under the Small Business Loan Guarantee Scheme.
Ms Carnell presented the following papers:
Cultural Facilities Corporation Act, pursuant to subsection 29 (3)-Cultural Facilities Corporation-Quarterly report for 1 July to 30 September 2000.
Canberra Tourism and Events Corporation-GMC 400 Report 2000, dated 14 October 2000.
MS CARNELL (Minister for Business, Tourism and the Arts): I ask for leave to make a statement in relation to the GMC report.
Leave granted.
MS CARNELL: For the interest of members, I have tabled the report on the GMC 400 V8 supercar event held in Canberra from 9 to 11 June 2000. The Shell championship series and its governing body, the Australian V8 Supercar Organisation (AVESCO), offered Canberra a five-year opportunity to stage a round of the Shell championship series for V8 supercars.
In October 1999, the Assembly voted to appropriate a total of $17 million, $4.5 million for capital works and $2.5 million in recurrent expenditure, over five years to deliver the event. The Canberra Tourism and Events Corporation (CTEC) was charged with delivering the event on time and within budget.
The perceived benefits of holding an event of this calibre included attracting approximately 50,000 spectators in the first year; a rise in room occupancy rates of 12 per cent, with associated benefits to restaurants and the retail and transport sectors; the creation of 150 full and part-time job equivalents; considerable national and international media exposure; and an estimated $52 million in economic benefits over a five-year period.
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