Page 5598 - Week 17 - Thursday, 5 December 1991
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ministerial approval of the amount, be made available for educational programs relating to real estate matters for agents and members of the public and to enable or assist persons to acquire or rent residential premises.
The Agents Board's banking, investment and financial reporting activities will be undertaken in accordance with the Audit Act 1989. Appeals from decisions of the Agents Board in respect of pecuniary loss or unclaimed trust moneys will reside with the ACT Administrative Appeals Tribunal. The legislation will give ACT residents immediate financial protection and provide the ACT real estate, business and stock and station industries with greater scope for development and a more stable environment.
I now present the explanatory memorandum for the Bill.
Debate (on motion by Mr Kaine) adjourned.
AUDIT (AMENDMENT) BILL (NO. 2) 1991
MS FOLLETT (Chief Minister and Treasurer) (10.34): I present the Audit (Amendment) Bill (No. 2) 1991. I move:
That this Bill be agreed to in principle.
The Audit Act 1989 provides for the effective financial management of ACT public moneys. This Bill improves the administration of the Act and will enable the Government to ensure control of borrowings, improved investment factors and increased budget flexibility.
Dealing with borrowing powers, by way of this Bill the Government meets concerns expressed by the Australian National Audit Office and the ACT Auditor-General. The proposed amendments will ensure that all government agencies, including statutory authorities, are required to obtain the Treasurer's approval prior to undertaking any borrowings. Furthermore, the definition of the term "borrowing" will be amended to clarify the intention of the Act.
Turning to the use of synthetic products, the ability of any government to manage its debt liability is a major priority. Interest rate products known as synthetic products, such as interest rate swap contracts and forward rate agreements, have been developed by the financial market. The products assist borrowers and investors to better manage their portfolios and insure against adverse movements in the economic environment and interest rates. In order for the ACT to properly avail itself of such products it is necessary that specific powers be available. This Bill will allow the Treasurer to approve the use of certain synthetic products.
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