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Legislative Assembly for the ACT: 1997 Week 8 Hansard (27 August) . . Page.. 2523 ..

Mr Whitecross: I take a point of order, Mr Speaker. I am reassured that the ACT Government will achieve the best possible rate. The question was: Will the ACT Government be lending the project manager the $7m or will it be raised privately, and will the ACT taxpayers be underwriting the loan? That was the question, not what the interest rate was.

MR SPEAKER: Sit down, Mr Whitecross. I think the Chief Minister is moving to answer the question.

MRS CARNELL: Mr Speaker, the commitment I will give to the people of Canberra is that the best possible interest rate will be achieved. Surely that is the basis of any good business, Mr Speaker. In terms of the $8m - - -

Mr Corbell: I take a point of order, Mr Speaker.

MR SPEAKER: There is no point of order.

Mr Berry: He has not made it yet.

Mr Corbell: Mr Speaker, the Chief Minister has been continually irrelevant in her answers this question time.

MR SPEAKER: I am still waiting for the Chief Minister to finish.

MRS CARNELL: It is not a point of order.

Mr Corbell: Mr Whitecross specifically asked a question about loans. We are not asking about interest rates. We are asking about the specific issues that Mr Whitecross outlined. You should direct the Chief Minister to answer the question or sit down.

MR SPEAKER: There is no point of order. Proceed, Chief Minister.

MRS CARNELL: Thank you very much. Mr Speaker, in terms of the $8m to be raised through up-front revenue sources, a marketing strategy, in conjunction with the three major hirers, will be launched later this year after the completion of the detailed design plans. This marketing strategy will cover all potential revenue sources such as naming rights, sale of corporate suites, the premium seating, food and beverage rights and the video replay board rights. There will be many exciting product opportunities for the corporate market within the redeveloped stadium which currently do not exist. That is the reason why we cannot generate the revenue that we will be able to generate with the new facility.

Extensive demographic research and market assessments have been undertaken which have led to detailed revenue models illustrating the potential level of capital and operating revenue and costs. Mr Speaker, as you may imagine, these models are based upon various assumptions regarding future market demand and anchor sporting tenants - all of those sorts of things. The preferred financial business plan has been independently audited by Arthur Andersen and they support the assumptions that are contained in it.

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