Legislative Assembly for the ACT: 2002 Week 13 Hansard (20 November) . . Page.. 3832..
MR STANHOPE (continuing):
report shows that the interest revenue was only $760,000. Over the past four years, approximately $3,740,000 was earned in interest. This averages out at about $936,000 per year. The claims made in this place, and repeated and embellished in the Canberra Times, are dependent on the demonstrably false premise that interest revenue will remain at the unusually high 2000-01 rate of $1.3 million. It simply will not.
The reality is that there is no windfall, simply the continuing proven management of funds to ensure the continuance of services in this area. I might add that these arrangements have been in place since the Residential Tenancies Act 1997 commenced. I have a chart showing interest revenue and expenditure of money relating to bond money for the period 2000-01, 2001-02, and anticipating 2002-2003. In relation to 2001-2002, the chart indicates where the relevant information is included in the department's annual report. The table also gives a brief overview of the purpose for which the money was expended.
As Ms Dundas claims, the 2001-02 annual report does not contain all of the information in the chart in a disaggregated form that would facilitate comparison. The information is there, but it is not in a user-friendly form, and I acknowledge that. My office has prepared a cash chart, which I will table for the purpose of directing the department to include this chart in future annual reports for the reason of identification of the rental bond financial management position. I hope this will overcome all misunderstandings in the future. Mr Speaker, I table the following document:
Residential rental bond assets-Suggested response-Answer to question without notice asked of Mr Stanhope by Ms Dundas and taken on notice on 19 November 2002.
MR CORBELL: Mr Pratt asked me, in question time on 14 November, about the WorkCover annual report for 2001-02. He asked me if I could advise the Assembly who conducted the updated assessment on the outstanding liabilities for the HIH fund.
I can advise Mr Pratt that all references in the WorkCover annual report actuarial assessments are to assessments being undertaken by the workers compensation supplementation fund actuary, Taylor Fry. The fund manager has advised that the data used for the earlier actuarial assessments is incomplete and that further work on correcting data is necessary before any reliable estimates of HIH's liabilities can be finalised.
As both the original assessment and the updated assessment referred to in the WorkCover annual report were based on data that has now been found to be incomplete, I will not be tabling these assessments. To do so would create confusion about the amount of future HIH liability. When the data problems have been corrected, and a reliable actuarial assessment has been produced, I will make that available to members of the Assembly. I expect that the corrected assessment will be available early next year.