Page 2818 - Week 08 - Thursday, 11 August 2016
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Superannuation Provision Account—Schedule 1, Part 1.17
MR COE (Ginninderra) (7.30): I believe I have already, in effect, covered this in my comments in the Treasury space as part of Chief Minister, Treasury and Economic Development Directorate. In that speech I commented on some of the issues with the discount rate as opposed to the actual return. Given I have already, in effect, spoken to it I shall not say any more.
MR BARR (Molonglo—Chief Minister, Treasurer, Minister for Economic Development, Minister for Tourism and Events and Minister for Urban Renewal) (7.31): The superannuation provision account was established to recognise an account for the defined benefit employer superannuation liabilities of the territory and the financial investment assets for funding these liabilities. The defined benefit employer superannuation liabilities include past and current ACT employees who are members of the Australian government’s commonwealth superannuation scheme and the public sector superannuation scheme and eligible members of the Legislative Assembly defined benefits superannuation scheme.
The government maintains the financial objective of fully funding the territory’s defined benefit superannuation liabilities by 2030. The annual budget appropriation to the SPA is used to extinguish the territory’s employer share of employee and MLA superannuation benefits. Over the past 20 years to 30 June 2016 the superannuation provision account investment portfolio has achieved the long-term investment return objective of the consumer price index plus five per cent per annum and the funding objective remains on target. I commend this section of the budget to the Assembly.
Proposed expenditure agreed to.
Transport Canberra and City Services Directorate—Schedule 1, Part 1.18
MR COE (Ginninderra) (7.33): Given that much of my comment is on the record already I will not speak for very long, I do assure members, believe it or not. The opposition has of course raised concerns during the estimates process and in this place about the merger of TAMS and capital metro. We think there are some issues in that agency particularly with regard to the seemingly excessive influence that capital metro has on the direction of that agency. But as I have already canvassed this extensively this week I do not intend to say much more.
With regard to ACTION buses, again I am very much on the record already but I would like to flag that in regard to route 182, which is, in effect, the silver line promised in the opposition’s proposal earlier in the year, we welcome but wonder whether the frequency is quite there in order to call it a rapid service. The fact that there is funding it seems for only one year I think is an issue. If we want to have certainty then I think there is going to have to be a stronger commitment from the government.
I note that the government is procuring 20 new buses and also doing an electric bus trial. These are, of course, things that we welcome. We, as an opposition, announced
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