Page 2645 - Week 09 - Wednesday, 24 August 1994
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Madam Speaker, I would like to thank the Chief Minister once again for making her officers available to us for a briefing on this matter - I see by her nodding her head that Ms Szuty also would like to acknowledge the clear and concise briefing that we were given - the return in time for the debate of information that Ms Szuty asked for, and certainly the very clear information that I was given on a matter that I had some difficulty understanding in the initial instance. It had to do with stocks and bonds and so forth - things that I rarely deal with. Having gone through with those officers the concerns that we had, Ms Szuty and I are both happy to support this legislation and the amendments.
MS FOLLETT (Chief Minister and Treasurer) (5.00): Madam Speaker, I would like to thank members for their comments and for their support of the Bill and the amendments. As Mr Moore said, it is a significant piece of micro-economic reform. I believe that it also means that the Australian Stock Exchange will be able to remain competitive in the face of extensive competition. The reason for the Bill - facilitating the electronic transfer of shares on the Stock Exchange - is a step forward for the Stock Exchange.
I take Mr Kaine's point about late amendments to legislation. It is a source of some frustration for me as well; but I have to admit that in this kind of legislation, which is complex and technical, I simply am not well enough up on the detail of issues to be able to spot some of the difficulties as legislation comes before the Government. In this particular case, as well, some of the amendments have arisen as a result of further consultation with the Stock Exchange and the Law Society. I believe that, where it is quite clear that that consultation will lead to better legislation, we ought to act upon it and introduce the amendments. That is what has been done, Madam Speaker.
I believe that this is a good and worthwhile piece of legislation. It is something that is being adopted nationally. It is also, as Mr Moore has said, something that will be subject to continuing review amongst a majority of the States and Territories, in order to get greater uniformity and greater consistency into these kinds of laws. The ACT Revenue Office has been very actively involved in that review process. I expect that much of our legislation, perhaps including this piece, will be modified in the coming months and years as a result of that continuing move towards uniformity. So I commend the Bill to the Assembly and I thank members for their attention to it.
Amendments agreed to.
Bill, as a whole, as amended, agreed to.
Bill, as amended, agreed to.
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