Page 3008 - Week 07 - Wednesday, 30 June 2010
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MR SMYTH: I said that the portfolio was—
MR ASSISTANT SPEAKER: Mr Smyth, I am just putting a plea under the standing orders. I am just trying to be helpful.
MR SMYTH: Mr Assistant Speaker, I would normally take—
MR ASSISTANT SPEAKER: If you do not want the help, that is fine.
MR SMYTH: your advice, but I thought I did make quite a stirring speech about how well it was being managed responsibly and that they have got a sound approach. I am sorry you missed that speech. I will speak slower, perhaps, for you.
MR ASSISTANT SPEAKER: That would be good.
MR SMYTH: In regard to the territory banking account, it is a very important banking account, Mr Assistant Speaker. The territory—
MR ASSISTANT SPEAKER: Just being helpful; your call. Before you start, Mr Smyth, Clerk, could you please start the clock again because that conversation should not be at Mr Smyth’s detriment.
MR SMYTH: Thank you, Mr Assistant Speaker. You are protecting so well today. We notice the lift in the performance. It is fabulous.
The territory banking account is very important but unfortunately for those that seek to find some guidance as to the performance of the territory banking account, the budget papers only provide a very high level of detail. Over the last couple of years we have asked for further detail. I have asked for reconciliations of the ins and outs that lead to the position and particular variations in the size of the balances held at 30 June each year in the projected year and the outyears.
It is important to know what is happening with that movement of funds so that we actually do come to a clear picture of the trends. Of course, I do not believe there are any recommendations about the territory banking account in the main report of the committee but in the dissenting report there is a recommendation that the budget papers provide an analysis of the various aggregates particularly for the TBA as set out in the table in the relevant budget papers.
This is important. It is important to know where the money has come from, where the money has gone and the movements that make up that transition of the funds through the account. It is important because it is a real eye on the holdings of the territory and the capacity of the territory into the future. With that, I commend this line of the budget to the Assembly.
MS HUNTER (Ginninderra—Parliamentary Convenor, ACT Greens) (10.29): The territory banking account essentially manages the investment decisions of much of the consolidated revenue of the ACT. The account manages the general government investment assets and debt liabilities. This year will present a range of challenges for
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