Legislative Assembly for the ACT: 1993 Week 06 Hansard (Tuesday, 18 May 1993) . . Page.. 1558 ..
I will be satisfied only when, amongst other things, the Government comes back to me as an individual member of this Assembly and tells me what its investment strategy is. It does not have one now. I will be satisfied only when it tells me that it is putting in place competent oversight and management of these investment strategies, and I suggest that the revised ACTBIT is perhaps the way to go. I will be satisfied only when they can show me that they have a full set of operating procedures that explain fully and in detail how these transactions are to be carried on and how accountability is to be ensured. Until that is done, I will certainly not agree to this Bill being voted in as an Act.
There is only one other point that I want to make, Madam Speaker. In the explanatory memorandum we are told that the revenue cost implications are nil. If the Chief Minister and Treasurer can tell me how she is going to get some external manager to manage this money for a fee of less than 0.7 to one per cent, I will be interested to know. There is a cost associated with management. I presume that we are talking here about money in excess of $50m. If you take one per cent of $50m, you are talking about a hell of a lot of money. That is money which, if we invest ourselves, we do not have to pay to an investment manager. There is a cost. For the Government to presume to tell us that this a no-cost option shows that they clearly do not understand the matter or that they have been misled. When they come back with the prescription that I have set out, which might encourage me to support their Bill in the future, I would also like clarification of how you can do this for nothing, because I do not believe that you can.
Debate (on motion by Mr Berry) adjourned.
PUBLIC ACCOUNTS - STANDING COMMITTEE
Motion (by Mr Moore), by leave, agreed to:
That, notwithstanding the provisions of standing order 174 -
(1) the Audit (Amendment) Bill 1993 be referred to the Standing Committee on Public Accounts for inquiry and report by 15 June 1993; and
(2) on the Committee presenting its report to the Assembly, resumption of debate on the question "That this Bill be agreed to in principle" be set down as an order of the day for the next day of sitting.