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Legislative Assembly for the ACT: 2003 Week 3 Hansard (23 October) . . Page.. 4078..


Proven management and administration expertise in private equity investment.

No

No

Private equity investments, by their nature, are long term investments, due to the lower levels of liquidity, and the time taken to draw down the committed investment funds.

The SPA does not manage any investments in-house. Management of the Territory's investment assets are outsourced to external wholesale professional fund managers with expertise in the chosen asset class and proven performance track records. By the nature of the fund of funds product, the management expertise needed is already in place.

Private equity investments-PTE agencies

(Question No 920)

Mr Smyth

asked the Treasurer, upon notice:

In relation to the analysis of the status and performance of the ACT Government investments, as set out in Budget Paper No. 3:

In Table 7.2.1, why are investments held on behalf of PTE Agencies;

In table 7.2.1, what is the reason for the increase in investments held on behalf of PTE agencies, during 2003-04, from $20.2 million to $59 million;

In Table 7.2.1, why did PTE investments not fall from $29.7 million to $4.2 million as postulated in the 2002-03 Budget;

In Table 7.2.1, what is the reason for the reduction of nearly $43 million in cash.

Mr Quinlan

: The answer to the member's question is as follows:

This is explained under the heading General Government Investment Portfolio on page 187 of Budget Paper No.3.

The amount of funds estimated to be held on investment for PTE's by the CFU is determined by individual PTE's in preparing their budget estimates. The breakdown of the estimates provided in table 7.2.1 are:

PTE Agency

Est Outcome 30/6/03 ($'000)

Est Outcome

30/6/04 ($'000)

ACT Forests

0

46 000

ACT Housing

16 192

9 950

ACTION Authority

4 000

3 045

Total

20 192

58 995

Information regarding the movement of the investment balance for each individual PTE agency is provided in Budget Paper No. 4.


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