Page 4086 - Week 13 - Wednesday, 24 November 1993
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Once again, Madam Speaker, I would like to thank the members of the committee for their report. The proposals for improvements in accountability will provide, I believe, long-term benefits to the ACT budget arrangements. Further details on the Government's response are included in the statement that I have just tabled. Madam Speaker, I commend the Government's response to the report of the Public Accounts Committee on "Monitoring of Budget Supplementation by the Legislative Assembly".
Debate (on motion by Mr Kaine) adjourned.
Motion (by Mr Berry) proposed:
That so much of the standing and temporary orders be suspended as would prevent the resumption of the debate being made an order of the day for consideration as a cognate debate with Assembly business order of the day No. 9 relating to the Standing Committee on Public Accounts report No. 3 on "Monitoring of Budget Supplementation by the Legislative Assembly", and that both orders of the day be considered cognately with executive business order of the day No. 9 relating to the Appropriation Bill 1993-94.
MR KAINE (3.18): Madam Speaker, I would like to speak to that motion. The content of the report that the Chief Minister has just responded to is a totally different subject from the Appropriation Bill and the contents of it, and I do not see that it is sensible to try to debate this cognately. I think there needs to be a separate debate on the question of how the Government supplements its appropriation and the Assembly's involvement in that. That was the purpose of the PAC writing such a report. To try to subsume it into a debate on the Appropriation Bill, I think, is quite inappropriate, and I would oppose that.
Question resolved in the negative.
PUBLIC ACCOUNTS - STANDING COMMITTEE
Report on Audit (Amendment) Bill 1993 - Government Response
MS FOLLETT (Chief Minister and Treasurer) (3.19): Madam Speaker, for the information of members, I present the Government's response to report No. 1 by the Standing Committee on Public Accounts on the Audit (Amendment) Bill 1993 and I move:
That the Assembly takes note of the paper.
Madam Speaker, I have tabled the Government's response to report No. 1 of the Standing Committee on Public Accounts that was presented in the Assembly on 15 June 1993. The Government has given careful consideration to each of the recommendations contained in that report and the issues raised during debate on the Audit (Amendment) Bill 1993 which lies at the heart of this matter.
The committee was naturally concerned about the possible use of derivatives as a speculative form of investment. The Government shares their concern. Responsible fund managers do not use derivatives for speculation but as a form of insurance to protect against uncertainty in the future price of investments or borrowings. Derivatives are financial agreements that enable investors to buy or
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