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Legislative Assembly for the ACT: 2000 Week 6 Hansard (25 May) . . Page.. 1866 ..
MR HUMPHRIES (continuing):
should ignore those examples of ham-fisted, greedy-fingered governments of the past and assume that none in the ACT would ever succumb to that temptation. But if they ever do, this legislation will be there to make sure that the ACT's superannuation is guaranteed.
I thank members for their support for this bill. I believe that the returns on the superannuation account will be enough to keep that fund growing steadily. Who knows, if our investments policies are wise enough over the next generation or so, perhaps a future government will say to the territory, "We really should do something with this $600 billion that has built up in the superannuation account. How can we spend it, guys?" Of course, in those days it will be guys and girls again, rather than mainly guys.
Ms Carnell: Yes, more girls. Those opposite might actually have a woman.
MR HUMPHRIES: They might even have a woman. That is true. In those days I am sure the territory will enjoy being able to spend the dividends of the hard work that was put in in earlier days. I thank members for their support for this bill.
Question resolved in the affirmative.
Bill agreed to in principle.
Clause 7.
MR QUINLAN (8.45): I move:
Page 2, line 26, subclause (1), insert "assets and" before "liabilities".
The amendment is fairly self-evident. The drafting was marginally deficient. As the superannuation investment grows, we need to manage that as well. The amendment is just a little bit of tidying up.
MR HUMPHRIES (Treasurer, Attorney-General and Minister for Justice and Community Safety) (8.46): Mr Speaker, the government does not believe, on the advice we have received, that it is strictly necessary to expand the wording of clause 7, which refers at the moment to the management of the superannuation liabilities of the territory.
Mr Quinlan: Can I have a copy of that advice?
MR HUMPHRIES: You may. Yes, I would be happy to give it to you, Mr Quinlan. My view is that the word "management" would include the management, investment and importing of any assets set aside to meet superannuation liabilities. Read in the context of the rest of the bill, there is no doubt that this is the intention. However, in the interests of cooperation, I am very happy to indicate that the government will not oppose this amendment.
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