Riverbank Precinct

The Hon. J.R. RAU (Enfield—Deputy Premier, Attorney-General, Minister for Justice Reform, Minister for Planning, Minister for Housing and Urban Development, Minister for Industrial Relations, Minister for Child Protection Reform) (14:07): I seek leave to make a ministerial statement.

Leave granted.

The Hon. J.R. RAU: This past weekend the state government announced an exciting development in respect of the Festival Plaza precinct to transform an underutilised space into the jewel in Adelaide's riverbank crown. Today, the SkyCity Entertainment Group, the owner of the Adelaide Casino, announced that it too has agreed key commercial terms with the Walker Corporation for the exclusive lease of 750 of the 1,560 spaces in the car park.

Ms Redmond: The whole thing stinks.

The SPEAKER: The member for Heysen is called to order.

The Hon. J.R. RAU: A little more than a year ago, in the lead-up to the 2014 state election, the government was criticised in some circles for its plan to keep building South Australia. The government had committed to a comprehensive program of infrastructure development: the Adelaide Oval, the duplication of the Liberal legacy one-way freeway, the new Royal Adelaide Hospital, just to name a few. It was derided as false economy. It was suggested that, because cranes were operating at government construction sites, the jobs created were somehow less important than ones created on private construction sites. Today's announcement is yet more evidence of the way public investment in infrastructure supports private investment.

Members interjecting:

The Hon. J.R. RAU: In any event, as I was saying, and I will say it again, today's announcement is yet more evidence of the way public investment in infrastructure—

Members interjecting:

The SPEAKER: I warn the member for Heysen for the first time and I call to order the members for Hartley, Mount Gambier, Schubert and Newland. In fact, I warn the member for Newland for the first time; he picked up an earlier caution by the Deputy Speaker. Deputy Premier.

The Hon. J.R. RAU: I am attempting to provide some good news to the parliament and I am finding it very difficult with the noise. Anyway, as I was saying, today's announcement is yet more evidence of the way public investment in infrastructure supports private investment.

Mr Marshall: It has been held up for years and years.

The SPEAKER: The leader is warned for the first time.

The Hon. J.R. RAU: The Festival Plaza redevelopment is unlocking substantial private investment. Of the $610 million announced to be invested, the vast majority—that is, $430 million—will come from the private sector. Every dollar of public money invested in this project will lead to more than $2 of private investment with potential for significant further private investment in the precinct.

Ms Chapman interjecting:

The Hon. J.R. RAU: It's like a noise at the back there somewhere. The Riverbank Authority will maintain oversight of the design and rollout of the public realm, the activation of the site during construction and the management of the plaza and surrounds once construction is complete. The Festival Plaza announcement shows what can be achieved when government works with the private sector. By backing this project, by having a vision of what Adelaide can become, we have unlocked significant private investment in the state.

Ms Chapman: That's what Patrick Conlon said 10 years ago.

The SPEAKER: I call the deputy leader to order.

The Hon. A. Koutsantonis interjecting:

The SPEAKER: I warn the Treasurer for the first time.