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Legislative Assembly for the ACT: 2000 Week 2 Hansard (29 February) . . Page.. 374 ..
Petition - Out of order
MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety) (3.47): For the information of members, I present the report entitled "Review of Investment and Other Operations of the Superannuation and Insurance Provision Unit and the Central Financing Unit" prepared by Mr Bernie Fraser. I move:
That the Assembly takes note of the paper.
Mr Speaker, I am pleased to present this report which has been prepared by Mr Bernie Fraser, former Governor of the Reserve Bank and currently a board member to a number of industry-based superannuation funds. I can think of no other person who is as qualified to undertake this review as Mr Fraser.
This review was announced by the Chief Minister, and then Treasurer, in June 1999 to ensure that all the necessary guidelines and delegations were in place to effect the proper administration of the Superannuation and Insurance Provision Unit, the Central Financing Unit and OFM generally. This review was commissioned in response to problems in respect of guidelines and delegations which were identified by legal counsel advising on the Bruce Stadium redevelopment transactions.
In presenting this report I am pleased to note that Mr Fraser found that:
...on a broad level, apart from some aspects of the funding of Bruce Stadium ... the administrative procedures of the Central Financing Unit and Superannuation and Insurance Provision Unit have not led to either expressions of public disquiet or to significant adverse comments by the Auditor - General.
However, Mr Fraser noted that there was, and continues to be, room for improvement.
The main recommendations of the report are the creation of a Finance and Investment Advisory Board, consisting of three external experts in financial markets and superannuation plus the Under Treasurer ex-officio, and the creation within the Department of Treasury and Infrastructure of a Finance and Investment Group, made up of the former Central Financing Unit and the Superannuation and Insurance Unit, excluding the insurance role. The Government has accepted these recommendations, and I will be seeking to implement them as a matter of high priority.
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