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Legislative Assembly for the ACT: 1996 Week 10 Hansard (5 September) . . Page.. 3160 ..

Sale of Commonwealth Bank - Compensation

MR MOORE: Mr Speaker, my question is to Mrs Carnell as Treasurer.

Mrs Carnell: I thought I was going to go through a whole question time without a question.

MR MOORE: I am sorry about that. I understand that some $12m has been received from the Commonwealth Government as part of the compensation for the sale of the Commonwealth Bank. Can you verify that this is correct; and, if so, has the money been assigned to Consolidated Revenue to assist in filling the black hole in the budget so that you can pretend to have a balanced budget this year?

MRS CARNELL: It is anticipated that approximately $12m will be forthcoming from the Commonwealth as a result of the sale of Commonwealth Bank shares. That is an agreement between the ACT Government and the Commonwealth because, under normal circumstances, the Commonwealth may not pay the ACT for this sort of share transfer process. So, yes, that is an agreement. Yes, it has been paid into Consolidated Revenue; and Mr Moore will be very pleased to see in the budget exactly what we plan to do with it.

Futsal Stadium

MR WOOD: Mr Speaker, my question is to Mr Stefaniak as Minister for Sport. It relates to the futsal stadium. Mr Stefaniak, while noting that the Government has finally agreed to additional public works to help compensate for the disastrous Federal budget, would you answer three questions: Firstly, how much will the stadium cost? Mr Stefaniak writes this down; I am, therefore, hopeful I will get an answer that is not just off the script. Secondly, what are the arrangements for its financing, since it is not in the current budget? Thirdly, what process was followed to determine its priority over other projects?

MRS CARNELL: Thank you very much, Mr Wood; I will handle that one, as Treasurer. Mr Speaker, the cost of this multipurpose project is approximately $250,000. This includes the construction of a retaining wall, adequate drainage, connections for power and water utilities, optic fibre cable linkages and other telecommunications equipment lines, and landscaping.

Opposition members interjected.

MR SPEAKER: Order! Mr Wood asked a question. He deserves an answer.

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