Ministerial Statement

HomeStart Finance

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:01): I seek leave to make a ministerial statement.

Leave granted.

The Hon. A. KOUTSANTONIS: I rise to advise the house of the appointment of global investment bank Moelis & Company to conduct a scoping study into the potential commercialisation of a portion of HomeStart's loan portfolio. The purpose of the study is to determine where the opportunities for commercialisation lie within the portfolio and to provide the state government with a range of options to consider.

Members interjecting:

The Hon. A. KOUTSANTONIS: You are in the Liberal Party, right?

An honourable member: Yes.

The Hon. A. KOUTSANTONIS: Okay, just checking.

Ms Sanderson interjecting:

The SPEAKER: The member for Adelaide is called to order. The minister has been granted leave.

The Hon. A. KOUTSANTONIS: It is 'bouquet', sir. The Department of Treasury and Finance—

The SPEAKER: How do you spell that?

The Hon. A. KOUTSANTONIS: —conducted a thorough, open-market request for tender process in order to engage an appropriately qualified adviser to conduct the study. As the successful tenderer, Moelis & Company brings extensive experience to the scoping study, having advised the UK government on the sale of one of the largest ever portfolios of government-backed mortgage loans.

The commercialisation of a portion of the HomeStart portfolios is not a foregone conclusion. This is a scoping study to determine what the opportunities are so the government has the best advice available to it when considering whether to proceed. The HomeStart portfolio has evolved considerably since its inception in 1989 and now includes a number of loans that may be attractive to the private sector. If the state government proceeds on the basis of the advice from our adviser, HomeStart will continue to fulfil its crucial role of providing finance for those customers who would otherwise have difficulty taking out a mortgage to buy their own home.

The SPEAKER: The Minister for Agriculture, Food and Fisheries.