Page 56 - Week 01 - Tuesday, 9 February 2016
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MADAM SPEAKER: Could you repeat the question please, Ms Porter?
MS PORTER: Certainly. Minister, what is the risk to the territory if the contract for light rail is broken and the project is not completed?
MADAM SPEAKER: It could be construed that these are hypothetical matters but they are matters of some discussion, so I will allow the question.
MR CORBELL: I thank Ms Porter for her question. Of course, we know that the risk is real, and we know that the consequences are very serious for the territory. Threatening to tear up a contract erodes investor confidence in the ACT. Let us turn to what a number of significant national industry leaders have said about the position of those opposite on this question. For example, the Chief Executive of the Business Council of Australia, Ms Jennifer Westacott, has made it clear that cancelling multimillion-dollar contracts is a false economy because investors and contractors will factor the costs of sovereign risk into Canberra’s next project. That is all the ones which follow, Madam Speaker. Let me quote the Australian Industry Group chief executive—
Opposition members interjecting—
MADAM SPEAKER: Sit down, Mr Corbell. Stop the clock. Mr Coe, Mr Hanson and Mrs Jones, I have called you to order on a number of occasions. As I have said before, there can be reasonable interjection, but the interjections have got out of hand. Mr Hanson, I remind you that you are on a warning. This is your last reminder that you are on a warning.
MR CORBELL: They do not like it, Madam Speaker, but these are not the government’s words; these are the words of Australia’s most respected national industry leaders. The Chief Executive of the Australian Industry Group, Mr Innes Willox, has said very clearly:
Australia’s executive governments have long observed the tradition, with some regrettable exceptions, of respecting contracts entered into by their predecessors, even where such contracts proved politically inconvenient. While we respect your principled opposition to the Capital Metro project—
they have said in a letter to Mr Hanson—
we note that a valid contract will be in place and construction underway well before next year’s election.
They say that cancelling multimillion-dollar contracts is a false economy because investors and contractors will factor the costs of sovereign risk into Canberra’s next project. (Time expired.)
Mr Barr: I ask that all further questions be placed on the notice paper.
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