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Legislative Assembly for the ACT: 2003 Week 4 Hansard (3 April) . . Page.. 1320 ..

MR QUINLAN (continuing):

Financial statements need to present useful information to readers. This understanding would be assisted by enabling financial statements to present budget information relevant to a new department structure. However, at present the Financial Management Act 1996 has no mechanism to enable this amendment to a department's budget information to be included in financial statements.

Mr Speaker, this bill provides such a mechanism, while not overburdening the Treasurer-God bless him-with administrative paperwork. Further, this bill ensures there is accountability to members with the tabling of the amendments.

The second area this bill addresses is amendment of investment provisions. The Auditor-General has expressed concerns that the types of permissible investments for public moneys need to be clarified. This bill requires investments of public moneys to be for the purpose of increasing or protecting the financial wealth of the territory. This requirement is in addition to the current requirement that investments can only be in accordance with the investment list contained in section 38 (1) of the Financial Management Act and prescribed under the financial management guidelines.

Mr Speaker, the bill also allows for the ability to deduct outsourced investment management fees from interest received. This amendment removes any question regarding the validity of fund management arrangements currently in place. Further, to ensure the integrity and consistency of the Financial Management Act 1996, this government is applying these new investment provisions to territory authorities.

I trust that members will support the bill, which is aimed at clarifying provisions within the act and promoting efficient, effective financial management practices.

I commend this bill to the Assembly.

Debate (on motion by Mr Smyth ) adjourned to the next sitting.

Government Procurement Amendment Bill 2003

Mr Quinlan , pursuant to notice, presented the bill and its explanatory statement.

Title read by Clerk.

MR QUINLAN (Treasurer, Minister for Economic Development, Business and Tourism and Minister for Sport, Racing and Gaming) (10.44): I move:

That this bill be agreed to in principle.

The Government Procurement Amendment Bill 2003 improves the legislative framework and addresses the concerns that have been raised on the operation of the Public Access to Government Contracts Act. This bill will promote transparency and accountability and make access to information easier for industry and the public. It will also streamline the legislation that currently relates specifically to government procurement activities.

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