GLOBAL ECONOMIC CONDITIONS

The Hon. I.F. EVANS (Davenport) (14:50): My question is to the Treasurer. Following the Treasurer's statement to the house yesterday about state investments, 'We do not have any specific exposure to what is going on in the United States,' can the Treasurer guarantee that none of the $3.6 billion that Funds SA has invested on international markets on behalf of the state is invested in the United States, and how does the Treasurer explain his claim that the state has no exposure, when Funds SA's annual report specifically sets out our state's United States investments in the International Equities Fund?

The Hon. J.J. SNELLING (Playford—Treasurer, Minister for Employment, Training and Further Education, Minister for Workers Rehabilitation) (14:50): This is a bit of an obsession for the member for Davenport. Of course—

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: —it is likely that some of the government's funds are invested in investments which are held in the United States. The point is that we are not exposed to the United States more than any other entity which is investing—

Members interjecting:

The Hon. J.J. SNELLING: —money, and that is—

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: —what it means to have no specific exposure to the United States.