Page 1726 - Week 06 - Thursday, 19 May 1994
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The State Bank's business is principally carried on in South Australia, where it has a substantial branch network. So far as the ACT is concerned, there are no branches in operation conducting banking business. There are therefore no assets or liabilities which relate to premises, plant or equipment. The only State Bank business in the ACT relates to advances to corporate customers secured by mortgage debentures and other forms of security over the borrowed assets. The Territory does not impose stamp duty on these types of transactions. The corporatisation of the State Bank will not, therefore, have any effect on the revenues of the ACT.
As I have said, the State Bank of South Australia (Transfer of Undertaking) Bill is complementary to the South Australian Bill. Its objective is to facilitate the legal transfer of assets and liabilities situated in the Territory. The beneficial ownership of these assets and liabilities will remain with the South Australian Government during the course of the corporatisation process. Legislation of this kind creates considerable savings of time and effort for bank customers and staff as each individual banking arrangement, contract and mortgage will not need to be tediously renegotiated. By passing this legislation the ACT will be assisting not only these bank customers but also the South Australian Government, at no cost to ACT taxpayers.
Madam Speaker, it is also understood that legislation similar in content to this Bill is being proposed in other States and in the Northern Territory. I commend the Bill to the Assembly, and I present the explanatory memorandum to the Bill.
Debate (on motion by Mr Kaine) adjourned.
ELECTRICITY (AMENDMENT) BILL 1994
MR LAMONT (Minister for Urban Services, Minister for Housing and Community Services, Minister for Industrial Relations and Minister for Sport) (10.41): Madam Speaker, I present the Electricity (Amendment) Bill 1994.
Title read by Clerk.
MR LAMONT: I move:
That this Bill be agreed to in principle.
This Bill amends the Electricity Act 1971 to create an Electrical Licensing Board and to bring electrical licensing arrangements in the ACT into line with national developments. The Assembly will be aware that the heads of government have reached agreement to make the regulation of all trades, including the electrical trade, more consistent across Australia. Mutual recognition legislation has been passed nationally and in the ACT to support this.
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