Page 788 - Week 03 - Thursday, 25 March 1993
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Madam Speaker, the Audit Act 1989 provides for the financial management of the ACT Government Service. The Bill proposes amendments which are important for the effective management of the Government's investment program. These amendments relate to the use of certain financial transactions known as derivatives which provide fund managers with an agreed future price for the buying and selling of securities. By providing investors with a prospective price for future investments, derivatives can be used as a form of protection against possible unfavourable movements in the price of market securities. As it stands, the Audit Act restricts the use of derivatives for investment purposes to moneys standing to the credit of the Consolidated Fund. This Bill will enable the Treasurer to approve the use of derivatives by the Territory in the investment of any moneys standing to the credit of the Territory Public Account, thereby extending coverage to the Trust Fund as well.
The other proposed amendment to the Audit Act concerns the use of external fund managers. An important element of the Government's financial strategy is to set aside funds to assist in financing the Territory's accruing superannuation liabilities. These funds may be invested and are used to reimburse the Commonwealth for the cost of providing employer superannuation benefits to former ACT public service staff. To date, funds held in the Superannuation Provision Trust Account have been invested only in the short-term money market. In order to maximise returns over the long term the Government has decided to establish a diversified investment portfolio by appointing a range of external fund managers with particular expertise in each investment market. The Bill will allow the Treasurer to authorise the use of financial derivatives by external fund managers contracted to invest moneys on behalf of the Territory and to specify any conditions to be applied under the terms of the contract. In conclusion, Madam Speaker, these amendments will enable improved management of the Territory's investment program. I present the explanatory memorandum for the Bill.
Debate (on motion by Mr Kaine) adjourned.
BOXING CONTROL BILL 1993
MR BERRY (Minister for Health, Minister for Industrial Relations and Minister for Sport) (10.36): Madam Speaker, I present the Boxing Control Bill 1993.
Title read by Clerk.
MR BERRY: I move:
That this Bill be agreed to in principle.
Madam Speaker, the Bill establishes controls over amateur and professional boxing similar to those applicable in New South Wales. Amateur fist boxing would be allowed only under the auspices and rules of the Amateur Boxing Union of Australia. Professional fist boxing would be allowed only under codes of practice, or rules, specifically approved by the Minister for Sport for each boxing contest. Kick boxing and similar contests are effectively banned under this Bill.
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