Legislative Assembly for the ACT: 2009 Week 8 Hansard (25 June) . . Page.. 2965..
MR STANHOPE (continuing):
CPS indicate to me that they would be interested in staying in touch with members of the Assembly at the first sod turning or perhaps at the opening of the first land rent home. I will ensure, Mr Seselja, that you are invited to that sod turning and I will ensure, Mr Seselja, that you are invited to the opening of that first land rent home so that you can perhaps explain to that young Canberra family exactly why it is that you thought they should not actually own that home.
MR SPEAKER: A supplementary question, Mr Seselja?
MR SESELJA: We will talk to the builder who has got 30 blocks. Thank you, Mr Speaker. Chief Minister, have any other aspects of the original scheme been altered in the arrangement with Community CPS?
MR STANHOPE: Mr Speaker, I am not sure I am prepared to accept that any aspects of the original scheme—the scheme is actually as articulated in the legislation that underpins the scheme. The government has absolutely no intention of, and has not anticipated, amending the act. It is the act that underpins the scheme, and the arrangements that CPS have put in place are consistent with the act, consistent with the legislation, and at this stage it has not been suggested to me that there is any need or intention to amend the act.
I do have some interesting information and advice, and I will make it available to members of the Assembly, from Genworth, in fact, in relation to the issue of mortgage insurance—an issue that was raised yesterday—with respect to the basis on which Genworth proposes that mortgage insurance would be necessary or required, and the extent or quantum of mortgage insurance that might be required generally or advisedly by Genworth. It is very interesting, with respect to Genworth's advice to all financial institutions—and this goes to the heart of some of the claims that have been published, purporting to be from an anonymous spokesperson for Genworth—in relation to mortgage insurance that the Genworth website, in its discussion on mortgage insurance, suggests that if a 20 per cent deposit is taken on a standard mortgage, no mortgage insurance is necessary.
In the context of some of the wild claims that have been made, published and printed in relation to mortgage insurance and some of the purported claims of Genworth not supporting this particular product, it would be perhaps advisable for the opposition, and indeed for some members of the media, to go to the Genworth website and actually have a look at Genworth's advice to all financial institutions in relation to the issue. It really does put the lie to some of the nonsense that has been spread in relation to the issue.
MS HUNTER: My question is to the Treasurer and concerns the consultation process in relation to the proposed efficiency dividend that has been outlined in the budget. What is the government's plan for the proposed efficiency dividend? Who will be involved in the consultation process?