Territory Stories

Debates Day 2 - Wednesday 17 May 1995

Details:

Title

Debates Day 2 - Wednesday 17 May 1995

Other title

Parliamentary Record 10

Collection

Debates for 7th Assembly 1994 - 1997; ParliamentNT; Parliamentary Record; 7th Assembly 1994 - 1997

Date

1995-05-17

Notes

Made available by the Legislative Assembly of the Northern Territory

Language

English

Subject

Debates

Publisher name

Legislative Assembly of the Northern Territory

Place of publication

Darwin

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Legislative Assembly of the Northern Territory

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/281696

Citation address

https://hdl.handle.net/10070/413973

Page content

DEBATES - Wednesday 17 May 1995 said that, if they are prepared to accept that responsibility - and that might mean trucking in water forever - then I will grant the living area, and I have done so on that undertaking being given. It is an unsatisfactory solution, but that is the type of stupidity to which we are being driven to try to resolve some of these claims. It would be worth the members while to obtain a briefing from our departmental people and to have a look at the case histories and the administrative delays that we are experiencing as a result of the inaction of the land councils in trying to resolve the community living areas issue. I am sick and tired of my department and our government being politically abused continually as if we are trying to block the community living areas process. That is far from the truth. I invite the member - and I am sure that he is genuine - to examine the applications case by case so that he may be fully apprised of the circumstances that we are confronting, and understand why we are pressing some of these issues with the federal government. That is what is holding up the resolution of the other amendments. Having said that, I thank the member for his acceptance of the bill. Motion agreed to; bill read a second time. Mr HATTON (Lands, Housing and Local Government)(by leave): Mr Speaker, I move that the bill be now read a third time. Motion agreed to; bill read a third time. AGENTS LICENSING AMENDMENT BILL (Serial 74) Continued from 1 March 1995. Mr BELL (MaeDonnell): Mr Speaker, the opposition supports the intent of this bill, but I have some comments to make about it. The substance of the bill relates to the use of the agents fidelity fund which has been built up chiefly from the interest on trust account holdings held by real estate agents. The Attorney-General indicated that the purpose of this amendment was for him to acquire a power to authorise the investment of that fidelity fund in a building to be leased by the Real Estate Institute of the Northern Territory. I had a reasonably close look at the fidelity fund arrangements, and I am a little surprised that the section of the act that authorises such investments appears to give the Attorney-General carte blanche to authorise the investments. I contrast that with the situation under the Trustee Act, where there are very circumscribed investment powers. I suggest that the nature of the fidelity fund is that of a trust fund, and that we should be encouraging a very prudent investment policy. I have little doubt that the investment in property that is to be leased by the Real Estate Institute is a prudent investment in that regard, but I believe it is important to keep in mind the underlying rationale for these restrictions on investment. This government has indicated at times its preparedness to be somewhat less than prudent with the investment of accumulated funds over which it has a statutory power. I refer specifically to the TIOs investment in the ill-fated Red Star Furniture Factory, the name of which escapes me at the moment. 3310


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