Legislative Assembly for the ACT: 2009 Week 11 Hansard (Thursday, 17 Sept 2009) . . Page.. 4175 ..
These are matters worth considering, and this is why I have raised them. I hope that Civil Liberties Australia have expressed these views to other members in this place as well.
In these days of heightened security requirements, not only in our own community but across the planet, measures like those that this bill contemplates are important for continuing community safety. There is much work to do but this bill, along with the Crimes (Controlled Operations) Act that the Assembly passed last year, goes some way towards addressing the need. I commend the government’s work in this area and look forward to further initiatives that may come along.
Debate interrupted in accordance with standing order 74 and the resumption of the debate made an order of the day for a later hour.
Sitting suspended from 12.28 to 2 pm.
Questions without notice
MR SESELJA: My question is to the Treasurer. Treasurer, how much will Actew now have to borrow to fund the enlargement of the Cotter Dam following the quarter of a billion dollar blow-out? Treasurer, how much interest will Actew have to pay to service this debt over the life of the loan?
MS GALLAGHER: I do not have the details of how much they will need to borrow. I said in question time on Tuesday that they already have approval to borrow $350 million, which they have not exceeded. It is not expected that they would need to borrow until the financial year 2010-11. So the details of how much they have to borrow are not clear at this point in time, based on the fact that their need to borrow will not be for some 12 to 18 months. But Treasury is working very closely with Actew, as Treasury will be undertaking the borrowings. When that becomes clear and finalised, at some point in the future, I am happy to make that information public. Indeed, it is, as I table that in the Assembly.
MR SPEAKER: Mr Seselja, a supplementary question?
MR SESELJA: Treasurer, what will be the term of this loan and what interest rate has been used to calculate the projections?
MS GALLAGHER: The $350 million or the projected borrowings?
Mr Seselja: Projected borrowings.
MS GALLAGHER: Who knows where interest rates will be in 12 to 18 months. The terms of the loan have not been finalised because no additional undertaking will need to be made for some 12 to 18 months. When that is finalised—and I can say that Treasury will be looking for the lowest interest and the best loan possible for the territory, as they do with any of the borrowings they undertake—I will be happy to make that information public.