Legislative Assembly for the ACT: 2006 Week 1 Hansard (15 February) . . Page.. 132..
Mr Stanhope: No, it is inconvenient.
MR QUINLAN: Yes, "We don't want that because-"
Mr Stanhope: It is inconvenient.
MR QUINLAN: "But we do want you to count the cost of the LDA. We want you to cost all of your accumulating superannuation liabilities, but we don't want you to cost in there the earnings that you make on the investments you put aside."
This government has put aside substantial funds to support previously unfunded superannuation liabilities. The previous government put away money, but the only money they put away was money they got from robbing Peter to pay Paul. They took out of Actew and put into the superannuation funds. Actew then had to go and borrow, and that was supporting superannuation. Really good stuff!
This government has put away on a regular basis funds to support, to grow a fund to back previously unfunded superannuation liabilities. We are earning interest on it. The value is there. We have to account for the increases in liability. Members opposite say, "Where is our net worth going? Our net worth under GFS has gone down. Where has it gone?"
The only decrement in our GFS figure for net worth is the latest superannuation actuarial report. While I am on that figure-and I think it is relevant to the question-Mr Mulcahy as much as called me a liar this morning on radio. He said that, in estimates on 26 October, I knew about the actuarial figures.
Mr Mulcahy: I said I-
MR QUINLAN: I have the dates here, Mr Mulcahy, if you are interested in the facts before you get on radio. It is a big wheel; it does not come round.
Budget-capital works projects
MR SESELJA: My question is to the Chief Minister. Chief Minister, your government is now aware that it cannot continue to manage its financial affairs as it has been and that hard decisions now need to be made to rein in government spending. What capital works projects is your government going to defer or abandon to reduce the pressure on the territory's declining cash position?
MR STANHOPE: Of capital works projects that have been approved by cabinet and funded, I do not believe any.
MR SESELJA: I have a supplementary question, Mr Speaker. Chief Minister, are you actively considering borrowing to fund the capital works projects to which you are committed?
MR STANHOPE: No, we are not actively considering that.