Ministerial Statement

CRICKET ASSOCIATION DEBT

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Federal/State Relations, Minister for Defence Industries) (15:20): I seek leave to make a ministerial statement.

Leave granted.

The Hon. K.O. FOLEY: To clarify an answer—

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: Well, I am a very diligent minister and I like to give truthful facts to the parliament. In the question from the Leader of the Opposition in relation to whether or not any loan facilities would be provided to SACA, I will advise the house on two points which are certainly known to all players in the SMA body. The agreement that we signed with the SMA includes a $5 million initial grant to the Stadium Management Authority for detailed design and work. Any of that unspent money will be returned to the government.

Secondly, as is commonly known among cricket authorities, the state government has provided a $30 million bank guarantee to the Westpac Bank in respect of its loan to SACA for the current western stand under construction. Should the new development not go ahead, that guarantee will convert to a full commercial loan that mirrors the full commercial loan facility provided by Westpac which is at a commercial interest-bearing rate and principal repayment. It is just simply a commercial loan.

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: Just in case the shadow treasurer was going to misrepresent that, Madam Speaker, the $30 million is part of the $85 million.