Legislative Assembly for the ACT: 2002 Week 2 Hansard (21 February) . . Page.. 469..
Mr Humphries: That is why we said not to go in as 100 per cent shareholders, only to go in as 50 per cent shareholders, to minimise the risk.
Mr Stanhope: It hasn't worked.
Mr Humphries: You called on us to go in 100 per cent. You wanted us to have 100 per cent; that was what you wanted.
Mr Stanhope: And how much of the loss is the other mob picking up?
Mr Humphries: Fifty per cent.
MR QUINLAN: I might come back to that 50 per cent exposure that you think you put in place, Mr Humphries. You might be surprised at how well you did that as well.
I would like to take the opportunity to say that the quarry, quite obviously, is a resource that still will be a considerable asset to someone or some organisation with greater experience and knowledge in the running of quarries; but, at this stage, the Totalcare board has decided that it cannot run a quarry. It has also decided, I think, that the market structure is such that it would find it much more difficult than some of the larger corporations which are vertically integrated.
I table a copy of a letter from Totalcare advising of its decision. I would also like to advise the Assembly that I have taken what I consider to be the necessary legal advice in relation to this position and due process has been followed. I present the following paper:
Williamsdale Quarry-Actions of Totalcare Board in respect of its investments-Copy of letter from B R Glanville, Chairman, Totalcare Industries Limited to Mr Ted Quinlan, MLA, Treasurer, dated 20 February 2002.
MR STEFANIAK: My question is to Mr Wood, the Minister for Urban Services. Minister, having received a briefing from your department on increases to fuel taxes and vehicle registration, and the introduction of paid parking in the Belconnen town centre, are there any other revenue options which have been put to you?
MR WOOD: Mr Speaker, I will respond in the way that I believe Mr Quinlan has responded-that it is not a matter of in or out at all at this stage. It is an intriguing question. You have got the briefs to the incoming government. I have no doubt at all that had you lot over there been returned to government you would be receiving exactly the same advice on a range of issues. This is more particularly the case because, as is now readily confirmed, your last budget extended the expenditure side quite a deal. Because of the pre-election spend-up, you would have had to find some measure to make up for the vote buying.
It is intriguing. The question is fairly asked: how would you respond to such advice? That is speculation. There is a vast range of advice. There may be a range of questions that we can expect over the next few days on the issues in those briefing notes. The