Page 763 - Week 04 - Tuesday, 1 May 2007
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government to prepare a midyear budget review and a pre-election update in an election year.
Further 2003 amendments strengthened the investment provisions so that investments can only be made to increase or protect the financial wealth of the territory. The amendments also clarified the administrative arrangements for territory investments.
In the government’s first year of office in 2002 the government strengthened the provisions relating to the audit of financial statements requiring chief executives to sign a statement of responsibility and clarifying the timing for the provision of the statements to the audit office.
Mr Speaker, my government has adopted GFS as the primary standard in budgeting and reporting to ensure that the ACT community is provided with the clearest possible picture of the financial position of the territory. The removal of the influence of windfall revenues ensures that the government stands accountable to its financial objectives and measures on a regular and timely basis.
In keeping also with the government’s commitment to integrity in government processes and improved accountability, substantive improvements were made to the Territory-Owned Corporations Act 1990. The amendments passed in August 2004 provided further governance and accountability arrangements, including clarifying the information that the voting shareholders may require; requiring the voting shareholders to be kept informed of significant events affecting the value or performance of a territory-owned corporation; requiring voting shareholder approval and disclosure to the Assembly of major new undertakings or significant changes to a partnership, trust or unincorporated joint venture; and provisions requiring an audit committee to be established by each territory-owned corporation. These changes have served to improve and strengthen the governance and accountability arrangements for territory-owned corporations.
These are but a few examples of the reforms that the government has introduced to improve management and accountability across the public sector. It does need, however, to be said in addition, in response again to the issue of capital works quarterly progress reports, which was raised again by the member proposing this matter of public importance in her address, that the provision of public capital works reports is not a legislative requirement. The government has not, as I said earlier today, tabled a quarterly capital works report in the Assembly for five quarters.
It is interesting, of course, that it has taken the Liberal Party in this place 18 months to raise this objection today. It has taken 18 months for the Liberal Party to raise their confected concern—18 months. It is a reflection on the fact that they are asleep at the wheel—something, of course, that we and the people of Canberra know. It is reflected, of course, through issues such as this. Here we are, 18 months after a quarterly report was no longer tabled as part of the government’s processes, and the Liberal Party suddenly wake and think, “Oh, goodness me, we haven’t seen that quarterly report. We have had all these other opportunities, though, if we could have been bothered, but, of course, that would require us to do some work.” Heaven forbid that the Liberal Party in this place ever did some work! But, having not had this particular report for 18 months, suddenly some bright spark within the organisation suddenly realised,
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