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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-09-24 Daily Xml
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Question Time

FUNDS SA

Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (14:13): Why did the Treasurer omit from his ministerial statement yesterday the size of the loss from Funds SA's growth fund for the 12 months to 30 June 2008? In his ministerial statement to the house yesterday, the Treasurer told us that Funds SA recorded a loss of 9.3 per cent for its balanced fund in 2007-08. This equates to a loss of $474 million. In his ministerial statement the Treasurer did not mention the more significant losses from the high risk growth fund. The 2006-07 Funds SA annual report states the high risk growth fund balance was $7.1 billion. The deterioration of the growth fund is understood to have been at least within the range of 11.17 per cent, a loss of $795 million in 2007-08. The two figures represent a loss—

The Hon. M.J. Atkinson interjecting:

The SPEAKER: The Attorney will come to order.

The Hon. M.J. Atkinson interjecting:

The SPEAKER: Order! The Attorney will not interject after I have just called him to order.

Mr HAMILTON-SMITH: The two figures represent a loss of $1.27 billion to the taxpayers in 2007-08.

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:15): What I did yesterday was to give the balanced fund. The leader now asks what is the growth fund loss. What he, of course, is now not telling us is what was the conservative funds loss, which would have been the cash and bonds that we invest in, which are far less volatile than equities. I will get that figure, because that would probably have been a loss far less than either the balanced or the growth fund. As the leader knows in his own share portfolio, which I think is down some 13 per cent as at 30 June 2008, the world economic cycle—

Mr Hamilton-Smith interjecting:

The SPEAKER: Order! The Leader of the Opposition will come to order!

The Hon. K.O. FOLEY: My luxury apartment—

Mr Hamilton-Smith interjecting:

The SPEAKER: The Leader of the Opposition will come to order!

The Hon. K.O. FOLEY: I have often made the comment that that has not been a particularly good investment.

Mr Hamilton-Smith: How much have you lost?

The Hon. K.O. FOLEY: I don't value my apartment regularly, but my guess is that it has not been a particularly successful investment for me.

Mr Hamilton-Smith: Tell us about your investment portfolio.

The SPEAKER: Order!

The Hon. K.O. FOLEY: What investment portfolio?

Mr Hamilton-Smith: Well, you're talking about people's private portfolios.

The Hon. K.O. FOLEY: I haven't got an investment portfolio. I own three properties.

Mr Hamilton-Smith: You have.

The SPEAKER: Order!

The Hon. K.O. FOLEY: I've got an investment portfolio, have I? Okay. I have a superannuation fund.

Mr Hamilton-Smith: Well, do you want to tell us about it?

The Hon. K.O. FOLEY: Yes, it is on the public record. I have an MLC private superannuation fund of a small amount and I have a Triple S scheme, as we all do, or most of us do.

Members interjecting:

The Hon. K.O. FOLEY: Okay; most of us do. I bought an apartment in Sydney before the property boom and it went up in value, down in value and it is now starting to go back up. I have a house which I built at Parkside and a house which I am building at Norwood. So, how's that? I am quite upfront about it. But if you want to say to me what is the relative—

Ms Chapman: Anything at Port Adelaide?

The SPEAKER: Order!

The Hon. K.O. FOLEY: I used to have a house in Port Adelaide until I got divorced, yes. Divorce does that to you, Vickie. Thanks, Vickie, for raising that; that's nice.

Ms Chapman: If I'd acted for you, you would have had to give me one.

The Hon. K.O. FOLEY: Is that how much she charged as a lawyer? The Liberals, they know nothing about struggle street, do they? I had the Leader of the Opposition saying that I am a dunce today apparently and having a go at me because I never finished high school. When you do not come from a life of privilege, sometimes you have to leave high school and work. If the Leader of the Opposition wants to get down and personal about it, I am proud of being a western suburbs person who left school at 16 and who has reached the office of Deputy Premier and Treasurer. I am proud of that. Back to the question: I will get a full, detailed answer for the leader.

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