House of Assembly Fifty-First Parliament, Third Session (51-3) 51 3 Parliament of South Australia House of Assembly published Question Time WorkCover Corporation WORKCOVER CORPORATION Dr McFETRIDGE House of Assembly Morphett WORKCOVER CORPORATION Dr McFETRIDGE (Morphett) (14:58): My question is to the Minister for Industrial Relations. Has the government received advice on WorkCover's unfunded liability position as at 30 September or since? According to its annual report, WorkCover's unfunded liability was $1.008 billion as at 30 June 2008 using a discount rate of 6.5 per cent. Since 30 June invested funds have experienced further losses. The discount rate has deteriorated to 4.9 per cent as confirmed by the Under Treasurer on 27 October 2008. The drop in the discount rate alone translates to an unfunded liability of $1.22 billion. In the Auditor-General's examination yesterday the Treasurer said: I can confidently say to you that, between the release of that report and the date in that report to the end of September, or the end of October, or mark-to-market results to date, it is worse because the situation has deteriorated. The Hon. P. CAICA House of Assembly Colton Minister for Industrial Relations Minister for Employment, Training and Further Education Minister for Science and Information Economy Minister for Youth Minister for Volunteers WORKCOVER CORPORATION The Hon. P. CAICA (Colton—Minister for Industrial Relations, Minister for Employment, Training and Further Education, Minister for Science and Information Economy, Minister for Youth, Minister for Volunteers) (14:59): Again, I thank the honourable member for his question, but what I would say—and he knows because he has been properly briefed—is that the audited figures with respect to the matter which he has raised are updated on a six-monthly basis. Again, you would have had to have been living under a rock not to know that certain circumstances are impacting upon investments, whether they be the substantial investments the honourable member holds or, indeed, the substantial investments which the government holds. Of course, the most extraordinary global economic circumstances are having an impact on investments. Members interjecting: The Speaker House of Assembly The SPEAKER: Order!