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Legislative Assembly for the ACT: 1997 Week 9 Hansard (4 September) . . Page.. 3077 ..

with changes in accounting for the values of infrastructure assets which are outlined in the Response.

Another of the Committee recommendations relates to progress with development of amendments to the Agents Act 1968 to give legislative backing to the transfer of interest on trust accounts by banks to the Agents Board.

The Government is committed to providing a statutory basis for the transfer of interest from agents' trust accounts to the Fidelity Guarantee Fund. The emphasis of this Government is to reduce red tape and introduce competition in the market place to the extent consistent with consumer protection.

In particular, the Government must ensure any new legislation meets the ACT obligations under the national Competition Principles Agreement. The review of the Agents Act 1968 was conducted prior to the implementation of the Competition Principles Agreement.

When a new Act is finalised it will provide for a statutory basis for payment of interest from agents' trust accounts.

The final Committee recommendation relates to measures taken to ensure that a reliable bond tracking system is established in the ACT Office of Rental Bonds without further delay.

The response details the measures taken and I am able to advise the Assembly that negotiations for purchase of a new computerised system are underway and it is expected to be in place by the end of 1997.

I trust that this information is of assistance to the Public Accounts Committee and to other Assembly Members.

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