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and has an annual turnover of some $330m. By corporatising ACTEW, the Government is looking to ACTEW to hold down its costs and pay a fair dividend to the Government, reflecting the capital tied up in the distribution of electricity, water and sewerage services in the ACT. Corporatisation will assist in reining in costs and thereby minimising any price increases.
Mr Speaker, the TOC Act will be amended in its application to ACTEW to allow the company to be involved with other companies developing leading edge technology in the electricity, water and sewerage treatment areas. The Government sees ACTEW's involvement in such opportunities as beneficial for the ACT community. As an example of business initiative, the corporate body will sell its technology to reduce the amount of phosphorus entering the Murray-Darling system. This gives our water system a higher level of environmental protection to the community. Everybody wins - the company, the Government and the community.
The Bill facilitates the corporatisation of ACTEW by providing for the following matters: The transfer of rights and liabilities, including assets - except for any notified by me in the Gazette before 1 July 1995 - and continuation of contractual and other existing arrangements; the substitution of “the Company” or “the Territory” for “the Authority” in certain contracts, agreements or arrangements; the amendment of relevant registers by the Registrar of Titles to reflect changes in title to an interest in land which has become vested in the company or the Territory; and the employment by the company of employees of the Authority, with existing terms and conditions of employment as specified in awards, agreements and relevant statutory provisions. A further feature of the Bill is a provision which enables regulations to be made during a 12-month period to modify any other enactment or subordinate law, as necessary, as a consequence of the corporatisation. A similar provision was provided when the Public Sector Management Act 1994 was passed.
Details of the Bill are set out in the explanatory memorandum. I now table, for the Assembly's information, the memorandum and articles of association for ACTEW Corporation Ltd. I commend to the Assembly the Bill and the memorandum and articles of association.
Debate (on motion by Mr Whitecross) adjourned.
ELECTRICITY AND WATER (CORPORATISATION)(CONSEQUENTIAL AMENDMENTS) BILL 1995
MR DE DOMENICO (Minister for Urban Services) (10.47): Mr Speaker, I present the Electricity and Water (Corporatisation) (Consequential Amendments) Bill 1995, together with its explanatory memorandum.
Title read by Clerk.
MR DE DOMENICO: I move:
That this Bill be agreed to in principle.