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Legislative Assembly for the ACT: 2002 Week 5 Hansard (7 May) . . Page.. 1222..


MS TUCKER: I ask a supplementary question. Could you table the instructions or correspondence to the gambling commission so that I can see what you have asked them to do?

MR QUINLAN: I cannot, because the instructions I gave were just verbal instructions. I sat down with the CEO of the Gambling and Racing Commission and said, "We have a whole list of problems, but here is one that relates to an issue before the Assembly." I understand that they will be looking at it during June. It is not something they have leapt at. I will check to see whether there has been progress on the issue. As I said, there is an inherent difficulty in trying to come up with a restriction that helps address problem gambling and the capacity of people to dig themselves into a hole they just cannot get out of and allows the system to work.

Commission of audit report-superannuation

MRS CROSS: My question is to the Treasurer. On 7 March this year you released the first report of the commission of audit. At that time you noted that the commission had determined the revised end-of-year outcome for the ACT as at 30 June 2002, based on the administration of the previous government, of a deficit of $5 million. You also said:

This result is driven in large part by losses from superannuation investments. Pre-October investment losses accumulated a $108 million deficit.

Treasurer, we are now aware that the prediction by the commission was unduly pessimistic-indeed, as most reasonable people expected it would be. What is the current position with respect to returns on superannuation investments? What has been the trend in these returns over the past six months?

MR QUINLAN: I will get you an answer to that before the end of the day. I will get you today's assessment of what the return on our investments will be and will tell you how that shapes up against the original estimate in the 2001 budget paper. It is a flawed figure, but I will get you today's number if I can.

MRS CROSS: Mr Speaker, I have a supplementary question. Treasurer, as part of the answer you will be giving me later, can you tell me why the commission used a different basis for determining the interim outcome from superannuation investments to that which has been used by the ACT Treasury, which is based on the generally accepted longer-term approach to valuing changes in investment performance?

MR SPEAKER: Are you happy to take that on notice, Mr Quinlan?

MR QUINLAN: I am not sure that I understand the thrust of the question. If you would like to have another crack at it-

Mrs Cross: Would you like me to repeat the supplementary?

MR QUINLAN: Just explain in other words what the thrust of the question is.

Mr Humphries: The question is perfectly clear.


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