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Legislative Assembly for the ACT: 2000 Week 4 Hansard (30 March) . . Page.. 1077..


Thursday, 30 March 2000

______________________

The Assembly met at 10.30 am.

(Quorum formed)

MR SPEAKER (Mr Cornwell) took the chair and asked members to stand in silence and pray or reflect on their responsibilities to the people of the Australian Capital Territory.

TERRITORY SUPERANNUATION PROVISION PROTECTION BILL 2000

MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety) (10.33): Mr Speaker, I present the Territory Superannuation Provision Protection Bill 2000, together with its explanatory memorandum.

Title read by Clerk.

MR HUMPHRIES: Mr Speaker, I move:

That this Bill be agreed to in principle.

I am pleased to present today to the Assembly the Territory Superannuation Provision Protection Bill 2000. It could be subtitled the "Keep your grubby hands out of the cookie jar" Bill, because it is about making sure that no government of any persuasion in the future will have the capacity to be able to dip into the Territory's superannuation provision to fund short-term political or other concerns. I am hopeful that members of the Opposition appreciate the importance of this piece of legislation in offering that protection to the future citizens of this Territory against the deprivations of possible future governments.

The Bill gives effect to the Government's commitment to ensure that moneys set aside for superannuation funding may only be used for that purpose. The significance with which the Government regards this issue is demonstrated by the drafting of separate legislation rather than an amendment of existing legislation. As a result of the Government's successful financial management, more than $710m has been set aside to provide for future superannuation liabilities. This Bill will ensure that these funds are available when these liabilities arise and are not squandered by future governments on short-term political gains.

The Territory Superannuation Provision Protection Act will establish a new reporting entity. The chief executive of the superannuation department will open and maintain at least one banking account to receive superannuation appropriations, employer


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