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Legislative Assembly Hansard 1987

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Legislative Assembly Hansard 1987 Queensland Parliamentary Debates [Hansard] Legislative Assembly TUESDAY, 10 NOVEMBER 1987 Electronic reproduction of original hardcopy 3792 10 November 1987 Papers TUESDAY, 10 NOVEMBER 1987 Mr SPEAKER (Hon. K. R. Lingard, Fassifem) read prayers and took the chair at 10 a.m. ASSENT TO BILLS Assent to the foUowing Bills reported by Mr Speaker— Expo '88 Act Amendment BiU; Trading Hours Bill. PETITIONS The Clerk announced the receipt of the following petitions— Funding for Non-Government Schools From Mr Warburton (90 signatories) praying that the Parliament of Queensland will reconsider its Budget decision regarding per capita funding for non-Govemment schools. Declaration of National Park on South Sfradbroke Island From Mr I. J. Gibbs (149 signatories) praying that the Parliament of Queensland will ensure the protection of all public land on South Stradbroke Island by declaring the area a national park. Balance between Public Ownership and Private Enterprise From Mr Burns (2 000 signatories) praying that the Parliament of Queensland will repeal the Land Act and the Integrated Resort Development Act so as to maintain a balance between public ownership and private enterprise, particularly on Barrier Reef islands. Similar petitions were received from Mr De Lacy (551 signatories and 1 234 signatories) and Mr Gygar (2 000 signatories). Petitions received. USE OF MINISTERIAL AIR UNIT Return to Order The foUowing paper was laid on the table— Retum to an Order made by the House on 6 August last in relation to the operation of the Ministerial Air Unit aircraft, indicating travel by Ministers of the Crown during the year 1 July 1986 to 30 June 1987, showing— (1) total flying time; (2) total number of passengers carried; (3) names of Ministers who travelled on either of the aircraft. PAPERS The following papers were laid on the table, and ordered to be printed— Reports— Queensland Art Gallery for the year ended 30 June 1987 Papers 10 November 1987 3793 Board of Tmstees of Newstead House for the year ended 30 June 1987 Caims Port Authority for the year ended 30 June 1987. The following papers were laid on the table— Proclamations under— Dmgs Misuse Act 1987 Trading Hours Act 1987 Orders in Council under— Logan Motorway Agreement Act 1987 State Housing Act 1945-1986 State Housing (Freeholding of Land) Act 1957-1984 Ambulance Services Act 1967-1986 Rural Training Schools Act 1965-1984 and the Statutory Bodies Financial Arrangements Act 1982-1984 Factories and Shops Act 1960-1985 Anzac Day Act 1921-1985 Workers' Compensation Act 1916-1986 Harbours Act 1955-1982 Harbours Act 1955-1982 and the Statutory Bodies Financial Arrangements Act 1982-1984 Canals Act 1958-1987 Farm Water Supplies Assistance Act 1958-1984 and the Statutory Bodies Financial Artangements Act 1982-1984 River Improvement Tmst Act 1940-1985 and the Statutory Bodies Financial Arrangements Act 1982-1984 Water Act 1926-1987 Water Act 1926-1987 and the Statutory Bodies Financial Arrangements Act 1982-1984 The Supreme Court Act of 1921 District Courts Act 1967-1985 Collections Act 1966-1981 Credit Societies Act 1986 Regulations under— Stamp Act 1894-1987 Dmgs Misuse Act 1986-1987 Factories and Shops Act 1960-1985 Co-operative and Other Societies Act 1967-1986 By-laws under— Harbours Act 1955-1982 Harbours Act 1955-1982 and the Gold Coast Waterways Authority Act 1979- 1982 Harbours Act 1955-1982 and the Caims Airport Act 1981 Report of the Department of Justice for the year ended 30 June 1987 Financial Statements of the Trustees of the Parliamentary Contributory Superannuation Fund for the year ended 30 June 1987. 3794 10 November 1987 Ministerial Statement MINISTERIAL STATEMENT Funding Arrangements, Queensland Government Development Authority Hon. W. A. M. GUNN (Somerset—Deputy Premier, Minister Assisting the Treasurer and Minister for Police) (10.08 a.m.), by leave: Honourable members may be aware of certain alleged questions raised in today's Australian in relation to the funding arrangements of the Queensland Govemment Development Authority. From the outset, let me assure the House that there is no foundation whatsoever to the questions being raised. In particular— The unforeseen expenditure approval relates almost totally to additional refinancings and debt conversions entered into by the QGDA to lower its, and thus statutory bodies', borrowing costs. The unforeseen expenditure does not reflect foreign currency gains or losses of statutory bodies. Mr Speaker, to put this matter in perspective—it is simply a gross misconception by the member for Murmmba which he has recycled through co-operative elements of the media to suit his own cheap political purposes. I doubt whether Mr Wells, even now, understands the role of the QGDA. Mr Wells: You certainly don't. Mr GUNN: If the honourable member will listen, I will give the information to him. As honourable members would be aware, the QGDA acts as a central borrowing authority for the State's statutory bodies. The objective of the QGDA is to obtain the funds required to meet the needs of statutory bodies at the lowest possible cost—I repeat, "at the lowest possible cost"—thus requiring active management of both its domestic and offshore debt. I will speak very slowly so that honourable members will be able to absorb this. As the QGDA acts in response to funding requests from individual statutory bodies, and as the state of the financial markets is not known with certainty at the beginning of each year, the actual borrowing program appropriated at the beginning of each financial year must, of necessity, be somewhat tentative. In 1986-87, the original Budget estimate of a $ 1,530m funding requirement comprised the following— $ New money raisings 1,230m Refinancings conversions 300m As a result of attractive opportunities that arose in the domestic and intemational capital markets after the Budget was brought down, the QGDA took the opportunity to refinance significant offshore and domestic borrowings during the year. The offshore refinancings provided interest cost-savings of up to 1 per cent per annum on previously raised debt. Consequently, such refinancings lowered the funding cost of debt being serviced by statutory bodies. The domestic refinancings essentially involved the conversion to longer-term borrowings of floating-rate debt raised when it was considered that then fixed-interest rates were too high and would fall—which they did. The total amount of such refinancings during 1986-87 was $997m, an increase of almost $700m on the previous year. In addition, $300m of loans raised during 1985-86 were converted into Austrahan dollars during 1986-87. Accordingly, I repeat that the unforeseen expenditure approval relates almost totally to additional refinancings and debt conversions entered into by the QGDA to lower its, and thus statutory bodies' borrowing costs—in other words, it saved a lot of money for Personal Explanation 10 November 1987 3795 the statutory bodies—and the unforeseen expenditure does not reflect foreign currency gains or losses of statutory bodies. Instead of condemning what I am saying, the Opposition should be congratulating the Govemment. PERSONAL EXPLANATION Hon. D. F. LANE (Merthyr—Minister for Transport) (10.12 a.m.), by leave: With respect to the allegations that have been made against me and reported in the media in the last week, I wish to report to Parliament that I have not been guilty of any impropriety or any illegality. I am obliged to acknowledge the wishes of the commissioner, Mr Fitzgerald, who was appointed by the Govemment, of which I am part. He has indicated that he does not wish to have these matters canvassed publicly. I intend to offer my full co-operation and assistance to the Fitzgerald inquiry so as to prove my innocence of the assertions made. Mr SPEAKER: Order! In accordance with previous statements that I have made in this House, I am not prepared to allow the Minister to continue with his personal explanation. LEAVE TO MOVE MOTION WITHOUT NOTICE Hon. Sfr WILLIAM KNOX (Nundah—Leader of the Liberal Party) (10.13 a.m.): Under the provisions of Standing Order 49, I seek leave to move a motion without notice regarding the policy of the Govemment, copies of which I have circulated. Question—That leave be granted—put; and the House divided— AYES,3 7 NOES, 48 Ardill Shaw Ahem Katter Beanland Sherlock Alison Lane Braddy Smith Austin Lester Bums Smyth Berghofer McCauley Campbell Underwood Bjelke-Petersen McKechnie Casey Vaughan Booth McPhie Comben Warburton Borbidge Menzel D'Arcy Wamer Burreket Muntz De Lacy Wells Chapman Neal Eaton White Clauson Nelson Gibbs, R. J. Cooper Newton Goss Elliott Powell Gygar Fraser Randell HamiU Gately Row Hayward Gibbs, I. J. Sherrin Innes Gilmore Simpson Knox Glasson Slack Lee Gunn Stephan Lickiss Harper Stoneman McElligott Harvey Tenni Mackenroth Henderson Veivers Milliner Hinton Palaszczuk Tellers: Hinze Tellers: Schuntner Davis Hobbs Littleproud Scott Prest Hynd FitzGerald Resolved in the negative. PERSONAL EXPLANATION Mr R. J. GIBBS (Wolston) (10.24 a.m.), by leave: With reference to recent media comments conceming myself, I wish to advise that this moming a fully detailed statement denying all allegations, together with the financial records of both myself and my wife, with letters of authorisation to our bank-manager and accountant, has been delivered by my solicitor to the Fitzgerald inquiry. 3796 10 November 1987 Questions Upon Notice Mr SPEAKER: Order! Because of previous comments that I have made, I am not prepared to allow the member to continue. MINISTERIAL STATEMENT Wages Recovery Tribunal Hon. V. P. LESTER (Peak Downs—Minister for Employment, Small Business and Industrial Affairs) (10.25 a.m.), by leave: I wish to inform the House of Cabinet approval for an initiative which will improve the system of wages recovery for employees who feel that they have not been paid correctly.
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