5 Dec 1996 Ministerial Statement 4987 THURSDAY, 5 DECEMBER 1996 to let opportunities pass us by. Queensland's energetic business community deserves better than that and we are determined to provide better than that. Mr SPEAKER (Hon. N. J. Turner, Nicklin) I am pleased to announce that as a result read prayers and took the chair at 9.30 a.m. of the recent mid-year Budget review the State Government will provide a $4m boost to STATUTORY INSTRUMENT Queensland's push into international markets. This funding boost will allow the Government In accordance with the schedule to begin work immediately on the circulated by the Clerk to members in the establishment of a Queensland Government Chamber, the following document was Office in Jakarta, Indonesia. We need to be tabled— out there chasing export business. We need Local Government (Planning and Environment) to be where foreign investors, existing and Act 1990— potential, have their money and make their Local Government Court Rules decisions. Queensland has to think big. Amendment Regulation (No. 1) 1996, Governments have to have vision and the No. 351. This instrument replaces guts to go after the big picture. previous instrument No. 351 tabled on 3 December 1996. Our future in the global marketplace is not assured—not without our determination to be as energised and active as it is possible to be. MINISTERIAL STATEMENT Our search for bigger and better business for Queensland Government Office, the private sector—that vital engine of the Jakarta economy still too often discounted by big bureaucratic Governments—must be focused. Hon. R. E. BORBIDGE (Surfers But it must not be too narrowly focused, either Paradise—Premier) (9.31 a.m.), by leave: This geographically or sectorally. Queensland must Government demonstrates energy and grow an economy that can sustain an determination in every field. But one area in increasing and increasingly educated and which it particularly outshines the failed regime socially demanding population. Making which now occupies the Opposition benches is international contacts is a vital part of this that of international trade and investment process. To make such contacts is fairly easy. representation. The former Government pulled It is keeping them, and expanding them, that down the shutters on Queensland's vital requires the real effort. And it is by being window into the enormous North American present in selected international trading places market by closing the Los Angeles office. This that keeping contacts and expanding them Government reopened it. The former works best. Government made a lot of noise about foreign representation of Queensland's export- Queensland is on the threshold of huge producing sectors but did little. It preferred to advance in several exciting new fields of sing its praises rather than put real runs on the industry. Our software firms—predominantly board. This Government, by way of absolute small businesses, representative of another contrast, firmly believes that actions speak sector of Queensland life that our louder than words. predecessors preferred to ignore except as a Queensland's internationally open milch cow—are doing big business. They are economy needs quality representation in taking on the world—and winning. prime markets. That is why we have boosted Queensland agribusiness is poised for a the weight of trade representation through our huge leap in earnings and profitability, network of representative offices in Tokyo, capitalising on our clean environment and Hong Kong and London. That is why we have grow-anything climate. These fields, along with not only reopened Los Angeles but also the traditional sectors of Queensland's opened a new office in Shanghai, China's economy, grow real jobs, sustainable jobs and biggest city and a place that is rapidly coming wealth-creating jobs. An increased investment to rival Hong Kong as a trading centre. in marketing this State to the world as a place To do all this requires more than a in which to do modern business in a safe modest outlay and few warm words. That is commercial environment is very far from why the Cabinet Budget Committee in its mid- wasted money. It is an investment in the year review has agreed to substantially boost future of every Queenslander. the funds available to run our overseas offices. Mr SPEAKER: Order! There is too It has done so because not to do so would be much noise in the Chamber. 4988 Ministerial Statement 5 Dec 1996 Mr BORBIDGE: In announcing the interest rate environment in that country. So immediate start to opening the new we made the best of that situation. Queensland Government Trade and As in all offshore funding transactions, we Investment Office in Jakarta, I would make are completely hedged against our exposure mention of the fact that in six years of to currency movements. We swap the Government the Labor Party opposite closed proceeds into Australian dollars for which the the Los Angeles office. In nine months of counter-party is obliged to also provide the yen Government, we have reopened Los Angeles redemption proceeds at maturity. The yen and we have opened Shanghai. The decision coupon payments are also provided by the by the Cabinet Budget Committee to move in swap counter-party in exchange for the respect of Jakarta as a matter of urgency Australian dollar equivalent. demonstrates this Government's commitment to economic trade and development issues. What came across loud and clear the The $4m boost as a result of the deliberations other night in our meeting with Nikko Securities of the Cabinet Budget Committee will make was how much Japan respects Queensland, sure that all of our overseas offices and our strong economy and the direction that this representatives are well resourced to work with coalition Government is taking. This is yet one the private sector to do the job for of a number of dual currency Samurai Bond Queensland. transactions that the Queensland Treasury and I have been able to negotiate with Japan in the last few months. MINISTERIAL STATEMENT Samurai Bond Transactions MINISTERIAL STATEMENT Hon. J. M. SHELDON (Caloundra— Deputy Premier, Treasurer and Minister for Mr V. Conte The Arts) (9.36 a.m.), by leave: I would like to Hon. D. E. BEANLAND (Indooroopilly— inform the House of one of the very important Attorney-General and Minister for Justice) outcomes of my recent trip to Asia with the (9.39 a.m.), by leave: Yesterday during QTC. The other day we signed a dual currency question time the member for Mount Gravatt Samurai Bond with Nikko Securities for 20 asked me the following question— billion yen. Indeed, the Chairman of Nikko "The Minister would be aware that Securities was specifically out here in earlier this year a Queensland court found Queensland to finalise this transaction, and we that former Fitzgerald organised crime had dinner with him and other important boss Vittorio Conte was not fit to hold a Japanese investors the other night. I inform car dealer's licence in this State, and I the House that the Australian dollar equivalent ask: why has the Minister failed to take of 20 billion yen is $225,479,143. The term action to stop the same Vittorio Conte was for three years. It commences on 9 from operating a used car yard at Darahill December 1996 and matures on 9 December Motors, 2820 Logan Road?" 1999. As I indicated yesterday, I would be I think the very important fact that the happy to gather the details and make them House needs to know is that when we arrange available to the member. I have been advised these dual currency Samurai Bond as follows by the Office of Consumer Affairs: transactions it is of great benefit to after receiving a completed application signed Queensland and to the Queensland taxpayer by Mr Vittorio Conte for a motor salesperson's and enables us to have more money through certificate of registration, the Licensing Branch the QTC to provide the basic services that we undertook the necessary inquiries prior to need to provide in this State. The dollar submitting the application to the Auctioneers savings are $139,000 per quarter. The gross and Agents Committee for their consideration. savings are $1.668m to Queensland. At a meeting held on 20 March 1996 of Samurai Bonds are retail targeted issues the Auctioneers and Agents Subcommittee in Japan. These forms of transactions are (Motor Dealers and Commercial Agents), and structured as investor friendly as possible, with coupon payments in either yen or dollars and after careful consideration, Mr Conte's the final redemption in the other currency. This application was refused and the committee market, due to a really pronounced effort by cited section 33(10)(d) as the reason for the QTC, has grown significantly in the last two refusal. years as regulatory barriers in Japan were Section 33(10)(d) of the Auctioneers and partly removed, as well as the extremely low Agents Act 1971 states— 5 Dec 1996 Ministerial Statement 4989 "(10) a certificate of registration or community, 165 kilometres from renewal of registration as a real estate Rockhampton. salesperson, commercial sub-agent, or The operation was planned after 388 motor salesperson shall not be granted"— outstanding warrants involving 130 people according to subsection (d)— residing at Woorabinda were identified using "to a person who is not of good fame and the new highly sophisticated information character or is not otherwise a fit and gathering system, Polaris. Just over a week proper person to be so registered." ago, senior police advised me they intended to carry out this operation. I sought and A letter was subsequently sent to Mr received an assurance from police that the Conte advising him of the committee's matter would be handled with all appropriate decision and indicating that under section 17 caution and sensitivity.