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Legislative Assembly for the ACT: 2014 Week 12 Hansard (28 October) . .

Page.. 3620..

MR DOSZPOT: Scrutiny report 25 contains the committee's comments on seven pieces of subordinate legislation and one government response. The report was circulated to members when the Assembly was not sitting. I commend the report to the Assembly.

Ministerial delegation to Singapore and Japan

Statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Housing and Minister for Tourism and Events), by leave: I would like to report to the Assembly on the outcomes of the delegation I led to Singapore and Tokyo earlier this month, from 1 to 8 October. This follows on from the successful ministerial delegation and trade mission I led to Singapore and Hong Kong in June this year and supports the Chief Minister's recent missions to China.

The key objectives of this latest visit were to complete our program of bond investor meetings; encourage investment in Canberra by Singaporean and Japanese organisations and financial institutions, in particular highlighting the opportunities that will arise around the city to the lake and capital metro projects; support the tourism industry relationship between Canberra and Singapore and the case for direct flights between our two cities; and study relevant infrastructure projects such as Singapore's rail corridor densification. Further progress was made on all of these objectives.

In Tokyo, the focus of the first two days was the completion of a program of bond investor meetings. This program commenced back in June. As Treasurer, I have met with and presented to representatives, both domestic and international, from around 45 bond investor organisations, including asset management firms, insurance companies, banks and money market investors.

The purpose of the bond investor meeting program is to maintain a continuing dialogue and manage investor relations with financial investors who currently, or who may in the future, invest in ACT government bonds that are periodically issued to raise new borrowings. The program is an important aspect of our borrowing program as it serves to better diversify our investor base and funding sources, and indirectly increases awareness of the ACT.

I met with a range of Japanese investors, some of whom have been the largest offshore purchasers of ACT government bonds to date. I met with the Prudential life insurance company, which currently holds $180 million in ACT bonds, the MassMutual life insurance company, which currently holds $20 million in ACT bonds, and Daiwa SB Investments, one of the largest investment management companies in Japan, which is considering purchasing ACT bonds as its next investment tool. I also met with Daiwa Asset Management, Japan's second largest asset management company, which has previously purchased all ACT issued benchmark bonds, and Dai-ichi Life Insurance Company, the second largest, by revenue, life insurer in Japan, and a potential new investor.

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