Page 3333 - Week 08 - Thursday, 23 August 2012
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Mrs Dunne: So we are just having a free-ranging conversation which is somehow ruled by the standing orders. What is actually happening at the moment?
MADAM ASSISTANT SPEAKER: It is an excellent point, Mrs Dunne. Possibly someone might wish to move a motion of adjournment. My advice is that I need to call Mr Barr, who may or may not move something, and we can then do something with it.
MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development and Minister for Tourism, Sport and Recreation) (10.12): I move:
That Disallowable Instrument DI2012-208, being the Financial Management (Credit Facility) Approval 2012 (No 1) be disallowed.
Mr Hanson: I move that the debate be adjourned.
MADAM ASSISTANT SPEAKER: To a later hour?
Mr Hanson: Certainly.
MADAM ASSISTANT SPEAKER: I do not believe he has finished his speech. Mr Barr, you can speak if you so choose.
Mrs Dunne: There is a question before the house.
Members interjecting—
MADAM ASSISTANT SPEAKER: One moment. I am sorry. Members, please be quiet. Mr Barr has the floor to deliver his speech if he so chooses.
Members interjecting—
MR BARR: I have moved the motion. I am going to speak to my motion.
MADAM ASSISTANT SPEAKER: Members, Mr Barr has the floor. Please be quiet. Mr Barr, please deliver your speech.
MR BARR: This disallowable instrument provides the University of Canberra with a loan via a credit facility from the territory for $50 million to design and build the first of its new on-campus student accommodation. Given the timing and significance of the university’s proposal, we have pursued this outside the 2012-13 budget process—hence the need for this disallowable instrument.
The loan will be repaid over a 14-year period at an interest rate of 75 basis points above the rate at which the territory borrows funds. Such an arrangement gives the university certainty and it is below the rate you might otherwise get through a bank. The loan is for the University of Canberra’s on-campus 1 development. This development will provide 297 dwellings with accommodation for 420 students. It is due to open by first semester 2014.
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