Page 484 - Week 04 - Wednesday, 28 June 1989
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new Grants Commission inquiry can serve that purpose after the strategic political issues referred to are settled. It is up to us to settle the parameters within which the Grants Commission can exercise its judgment.
I would like to finalise my comment on the financial arrangements with a few remarks on the ACT forward estimates. Whilst the Government is to be congratulated on their early publication, the estimates clearly reveal the tightness of the financial straitjacket in which the Commonwealth has placed this Territory.
I can illustrate this by taking the example of loan funds. This source of funds has traditionally been an important element of flexibility in economic planning. However, in the case of the ACT the Commonwealth has not only constrained the level of borrowing available to the ACT Government to 10 per cent of the total ACT budget of the preceding year in the ACT (Self-Government) Act itself, but has seen fit to slash this level again at the Premiers Conference.
The limit embodied in the legislation should have given the Territory about $100m. The Premiers Conference set the limit at $39.5m from a maximum borrowing limit proposed of $50m. It is a measure of the enormous pressure being applied to the ACT that loan funds obtained by the Northern Territory, which is financially about half the size of the ACT, exceeded those available to this Territory some five years ago in 1984-85 and have grown steadily ever since.
These are but a few of the issues that this Assembly needs to address with utmost urgency, for failure to do so, I believe, is nothing short of economic vandalism to this Territory on our part, the impact of which will be felt by our citizens for many, many years to come. An open inquiry is the only viable course of action available to us and I seek the support of the house for this motion.
MR SPEAKER: Is leave granted to incorporate in Hansard Mr Duby's document as tabled?
Leave granted.
On ruling by Mr Speaker, document not incorporated.
MR SPEAKER: While we look into that issue I would also state that Mr Stefaniak has requested leave to accept the tabled document. Is leave granted?
Leave granted.
On ruling by Mr Speaker, document not incorporated.
Debate interrupted.
Sitting suspended from 12.30 to 2.30 pm
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