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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-10-30 Daily Xml
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WORKCOVER CORPORATION

Dr McFETRIDGE (Morphett) (14:38): My question is to the Minister for Industrial Relations. Have WorkCover Corporation's financial statements for recent years been misstated? The WorkCover Corporation's annual report raises concerns that the corporation may be investing more money in its investment portfolios to cover the losses of its funds, raising the prospect of a misrepresentation of a decline in its investment value as loss of income. WorkCover's financial statements reveal that the value of its investments declined from $1.37 billion in 2006-07 to $1.33 billion in 2007-08, a loss of $40 million. However, the income statement reveals a loss in 'investments held at end of financial year' of $175 million.

The Hon. P. CAICA (Colton—Minister for Industrial Relations, Minister for Employment, Training and Further Education, Minister for Science and Information Economy, Minister for Youth, Minister for Volunteers) (14:39): I thank the honourable member for his question. Certainly, I have been provided with no evidence whatsoever with respect to the—

Ms Chapman: Read the report.

The Hon. P. CAICA: The assertion was provided by the honourable member. What I will say, and I have done this previously with the member for Morphett or the member for Goyder, is that I am more than happy to provide a briefing for him with WorkCover officials to ensure that they can provide an explanation to the question, the thrust of which I was unsure.

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