Page 2450 - Week 08 - Wednesday, 13 August 2014
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That is why I support Mr Smyth’s call for the government to detail to the Assembly consequential and transitional arrangements for employees and the racing industry. Mr Smyth’s call for information has been preserved in Mr Barr’s amendment. I certainly consider that it is appropriate that the Assembly receive that information, and part of my willingness to support Mr Barr’s amendment is that that element is maintained.
Mr Smyth’s motion also talks about the future of current ACTTAB employees. He suggests that it is unclear. Whilst the reality is that the sale is not yet completed, I do understand that because the sale still requires the approval of the ACCC and also the ACT Gambling and Racing Commission, nonetheless Minister Barr’s amendment outlines that current employees have the certainty of at least three months of employment after the sale is completed, and paragraph (2)(b) of the amendment certainly indicates that Tabcorp will be likely to retain a proportion of staff.
Mr Smyth’s call for the government to consider retraining options for employees of ACTTAB is basically preserved in Minister Barr’s amendment, albeit with a focus placed on those employees who choose not to remain with the organisation after the sale. But I think there is an awareness and a real sense of being mindful of staff and the consequences of the sale for them. It is certainly something that has been canvassed in a number of discussions that I have been involved in around this in cabinet. Ensuring that the staff are looked after and that appropriate transitional arrangements are in place was certainly high on the government’s discussion list.
In terms of financial support for the industry, the Canberra Racing Club recently published a long article that detailed several of their concerns, including their disappointment that the ACTTAB sale did not address the long-term revenue stream of the ACT racing industry. Minister Barr’s amendment outlines that the ACT racing industry will continue to receive $8 million a year in government support. I can only hope that will take the edge off their disappointment.
The amendment also calls on the government to work with the racing industry to develop multiyear contractual arrangements. I certainly look forward to hearing more about that, and what the racing industry bring to the table in terms of their long-term financial viability.
When it comes to the sale price, I have heard opinions that the $105.5 million price tag was either too low or too high, depending on who you talk to. The sale was market tested, so I take the price as an accurate representation of what the market was willing to pay for the asset. One needs to go through these processes to find these things out and, with a number of bidders in place, clearly the price was what the market was willing to bear in terms of the arrangements that were put in place.
Finally, Mr Smyth’s motion calls on the Assembly to refer the ACTTAB sale process to the ACT Auditor-General to consider a review of the sale. I do not believe it is necessary to maintain this in the amended motion. As all members know, the Auditor-General will look at matters that the Auditor-General considers appropriate. Equally, the Auditor-General writes to all MLAs asking for their input into her office’s
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