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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2009-04-07 Daily Xml
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FUNDS SA

396 Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (17 November 2008). With respect to the report of the Auditor-General 2007-08—part B, volume 5, page 1262:

(a) why did Funds SA incorporate $2.1 billion in other funds in 2007-08, namely $1.9 billion from the Motor Accident Commission CTP Fund and $270 million from the Metropolitan Fire Service super scheme; and

(b) what other funds will be incorporated into Funds SA in 2008-09 and over the forward estimates?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been provided the following information:

During 2007-08:

The Motor Accident Commission (MAC) applied to and was granted approval from the Treasurer to transfer certain funds to Funds SA for investment and management, in accordance with the Superannuation Funds Management Corporation of South Australia (SFMCSA) Act, 1995.

MAC funds transferred to Funds SA during 2007-08 totalled $1.9 billion.

The SA Metropolitan Fire Service Superannuation Scheme (SAMFSSS) was declared by the Acting Treasurer to be an Administered Scheme under Schedule 3 of the Superannuation Act, 1988 with effect from 1 August 2007 (refer SA Government Gazette dated 19 July 2007, pg 3109). Under the gazettal notice, the Acting Treasurer declared that the funds of SAMFSSS were required to be transferred to Funds SA for investment and management.

SAMFSSS funds transferred to Funds SA during 2007-08 totalled $270 million.

The Adelaide Cemeteries Authority (ACA) applied to and was granted approval from the Treasurer to transfer certain funds to Funds SA for investment and management, in accordance with the SFMCSA Act, 1995.

ACA funds transferred to Funds SA during 2007-08 totalled $7 million.

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