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Victorian Economic Development Corporation

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Victorian Economic Development Corporation Questions without Notice 3 August 1988 ASSEMBLY 83 Wednesday, 3 August 1988 The SPEAKER (the Hon. C. T. Edmunds) took the chair at 2.4 p.m. and read the prayer. QUESTIONS WITHOUT NOTICE VICTORIAN ECONOMIC DEVELOPMENT CORPORATION Mr MACLELLAN (Berwick)-Is it a fact that, in early November 1987, the Minister for Industry, Technology and Resources personally authorised the Victorian Economic Development Corporation to fully sub-underwrite a $25 million float of Wallace International Ltd but later that month changed the authorisation limiting it to half the $25 million float? Mr FORDHAM (Minister for Industry, Technology and Resources)-The information provided by the honourable member is incorrect. At no stage was it proposed that the government, through the Victorian Economic Development Corporation, should fully subscribe to the Wallace International Ltd float. The only proposal put forward to me concerned a partial involvement, and that in fact was put in to effect. Mr ROSS-EDWARDS (Leader of the National Party)-I direct a further question to the Minister for Industry, Technology and Resources and ask whether it is a fact that in November 1987, as the Minister responsible for the Victorian Economic Development Corporation and the Gas and Fuel Corporation of Victoria, he arranged for the Gas and Fuel Corporation of Victoria Superannuation Fund to subscribe more than $5 million to the issue in Wallace International Ltd? Mr FORDHAM (Minister for Industry, Technology and Resources)-No. At no stage did I approach the Gas and Fuel Corporation of Victoria Superannuation Fund. The fund, of its own volition, determined to be involved with the float. Mr HARROW FIELD (Mitcham)-In view of inaccurate claims concerning the relationship between the Victorian Economic Development Corporation and the Victorian Equity Trust, will the Premier advise the House of action being taken by the ~overnment to ensure that negative comments of this kind do not adversely affect Investment in Victoria? Mr CAIN (Premier)-I thank the honourable member for Mitcham for his question because it gives me an opportunity of explaining a few facts of economic life to members of the Opposition. They seem to have spent the last three months reading the Victorian Equity Trust prospectus-perhaps I should more accurately say "misreading" it-and they came back yesterday, all fired up, rolled the Leader of the Opposition in the morning and then rolled out three falsely based questions in the Chamber in the afternoon. The Victorian Equity Trust prospectus, which, I might add, sets standards for much clearer details than any other prospectus, sets out clearly the circumstances under which investors can take units in the trust, and then have the option of selling them to the Victorian Economic Development Corporation after four years. The prospectus makes it clear that the Treasurer has not given an undertaking to the corporation that he will guarantee funds to cover the cost of buying units from investors in the trust. That is made very clear and I should have thought honourable members opposite 84 ASSEMBLY 3 August 1988 Questions without Notice would have picked it up. Certainly, the honourable member for Kew should have picked it up and should have told her colleagues where they were wrong. The Opposition has become very excited about some letter, to which reference was made yesterday, written by the Treasurer in April 1988. Opposition members appear, wrongly, to have read that letter as being a guarantee which, by implications that they wish to read into it, contradicts the Victorian Equity Trust prospectus. The letter and the section of the prospectus on page 21 were written with the advice of the same lawyer to ensure that there was no conflict, and which would overcome the very point which I am sure most honourable members will understand. It is a letter of comfort, and I should have thought that even a first-year law student would have understood the difference between a letter of comfort and a guarantee. It concerns me that on both the first and second days back, the Opposition has it all wrong. I do not know what it is that makes the Opposition want to carp and whinge about the Victorian Equity Trust and debt which is contracted by the State to provide what Victoria needs. If the Opposition does not want the Victorian Equity Trust and borrowings, can it tell me which project-which hospital, which school, which police station-it wants the government to stop building? The Opposition cannot have it both ways. On the question of debt, it is now in the order of 29 per cent of Victorian non-farm gross domestic product, and it has been around that level for some time. Back in 1971, in the so-called halcyon days-the Bolte days-it was more than 44 per cent. I am not saying that is wrong. The cost of servicing Victoria's present debt is about 14 per cent of State revenue. The average person who takes out a mortgage on a house pays, under the rules and requirements of most lending authorities, more than 14 per cent-and 20 or 25 per cent is not regarded as unexceptional. The Opposition is implying that this generation should do without the things that are provided by debt capital. The point I make is that if that debt capital investment is productive it pays its way. At the opening of the new Coroner's Court complex in South Melbourne, I said that there is a quaint view in the community, especially among the Opposition, that all debt is wrong. It is an old tenet of public financing that this generation should not be expected to pay for all the infrastructure of capital works projects that are of benefit to future generations. Future generations should pay some of that capital investment. That concept is not new but, suddenly, the Opposition, which has nothing else to say, is telling the community that a new set of rules apply-the State should not have any debt. I say again if the Opposition continues to knock the Victorian Equity Trust, which provides resources for the building of capital projects at cheaper cash rates and borrowings, it should tell the community what should not be being built. What projects does the honourable member for Evelyn want stopped in his electorate? Which school does he not want rebuilt? The Opposition is strangely silent. If the Opposition does not want the government to borrow-or to build things-people should know which projects it considers should be stopped. Mrs WADE (Kew)-I refer to the Minister for Industry, Technology and Resources his previous answer. Did the Minister, as the Minister responsible for the Victorian Economic Development Corporation, commit the corporation to the sub-underwriting agreement in respect of Wallace International Ltd without the prior knowledge and approval of the board of the corporation? Questions without Notice 3 August 1988 ASSEMBLY 85 Mr FORDHAM (Minister for Industry, Technology and Resources)-The approval I gave was at the request of and on the advice of the Victorian Economic Development Corporation. TRADE UNION MEMBERSHIP Mr MICALLEF (Springvale)-I direct to the attention of the Minister for Labour a campaign being orchestrated by the President of the Victorian Liberal Party regarding trade union membership in Victoria. Will the Minister advise the House of his response to these attempts to severely damage industrial relations in Victoria? Mr CRABB (Minister for Labour)-My attention has been directed, by means of a copy, to a letter from Mr Kroger, the President of the Victorian Liberal Party, addressed to the State Chamber of Commerce and Industry (Vic), an organisation formerly headed by Andrew Hay, and which is still part of his mini empire. The proposition contained in the correspondence is the establishment of what they call an industrial political strategy. This strategy is aimed at establishing a reverse accord-that is what they call it. The signatories to this accord would agree not to use existing laws such as the preference clauses used by the Australian Conciliation and Arbitration Commission. Signatories to the proposed accord would agree not to be part of the proposed closed shop arrangements and would renounce any existing agreements into which they had entered. The strategy is threefold: first, it is to subvert employer organisations. The letter says that once they have developed the accord they will forward it in turn from the most supportive to the least supportive of the organisations involved in the industrial arena. The letter lists the organisations most supportive. The most supportive are the Australian Chamber of Commerce, where Andrew Hay is now; the Australian Federation of Employers, an organisation of which honourable members may not have heard but which is a splinter group formed by John Leard, one of the right wing loonies who permeates this area; the third organisation is the Australian Small Business Association, another splinter group, headed by Peter Boyle. The strategy is a development by those shadowy idealogues of the right wing, who meet with the President of the Liberal Party in the back room and who concoct these fantasies of class warfare. No indication is given that the Leader of the Opposition is involved. He has not been told yet! Having worked out what is being done with the right-wing splinter groups, the letter then states: ... it is unlikely that the CAI-- The Confederation of Australian Industry- ... would want to become a party to the accord ... No doubt its opposition would be based around the fact that the accord would be unworkable ... That is not a bad reason for not being part of the accord! Apparently, it is unworkable! The confederation recognises that fact.
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