Page 2332 - Week 08 - Tuesday, 12 August 2014
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force is adequately resourced during the search period. Families are continuing to contact me to say that they are not getting a timely response from the task force, that they are not getting the information that they need.
We found out today that 130 people still remain unaccounted for, and there is no plan that the Chief Minister is aware of to send another letter. We need to make sure that during this critical period we are contacting everybody involved and we are keeping them abreast and informed of what action is being taken, what their requirements are and what the further plans are. I reiterate that the government has our bipartisan support in pursuing this issue, but obviously it is not a blank cheque.
MR COE (Ginninderra) (3.59): I will start where the Leader of the Opposition left off, with regard to the need for the opposition to closely scrutinise the government’s expenditure. We do have to be very cautious when we hear the government talk about PPPs being a holy grail that will solve all of our problems here in the ACT. Whilst there is certainly a place for PPPs—and I think there have been jurisdictions that have used them well—you have to be very careful that the taxpayer does not get a raw deal out of these arrangements.
In particular, when you are using debt to fund a PPP, what you can end up doing is offering the private partner perhaps seven, nine or 11 per cent, because, while they would not do it for anything less than that, it could have been funded through an intergovernment loan at four per cent. So we have to be very careful that we sign up to PPPs not just because they are the latest fad but because they are in fact the best option for the territory.
As a rule of thumb, I gather PPPs work particularly effectively when there is going to be a good revenue stream. If there is not going to be a good revenue stream and it is going to involve the government making annualised payments to the private partner then it may well be that you are better off borrowing the money at the government bond rate.
Something else that I am keen to discuss today is the Land Development Agency and to ensure that the LDA do not overstep their role in our community. This year the LDA again failed to meet their target for land release. In 2012-13 the shortfall was 300 blocks but this year it was 1,500. This is almost a third of the target for residential blocks. It appears that these blocks will not be rolled over, so there will continue to be an undersupply of blocks in the ACT.
The consequence of this undersupply of residential blocks is that housing affordability continues to be a serious issue for Canberra families. The government is restricting supply and ensuring that the majority of land release is by the government. This means that the cost of purchasing a house is beyond the reach of so many Canberrans. It is unacceptable that this government is determined to make home ownership so unattainable for Canberrans. It seems that all the government strategies are determined to undermine home ownership and drive up the price for existing home owners.
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