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House of Assembly - Fifty-Second Parliament, Second Session (52-2)
2013-09-24 Daily Xml
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MOTOR ACCIDENT COMMISSION

Ms THOMPSON (Reynell) (15:35): My question is to the Minister for Finance. Can the minister advise the house about the Motor Accident Commission's financial performance for the 2012-13 financial year and what this means for South Australians?

The Hon. M.F. O'BRIEN (Napier—Minister for Finance, Minister for Police, Minister for Correctional Services, Minister for Emergency Services, Minister for Road Safety) (15:35): I thank the member for Reynell for the question. Recently, the Motor Accident Commission finalised its financial results for the 2012-13 financial year. Consistent with projections made at the time of the 2013-14 budget, the commission's financial results demonstrate a significant outperformance against original estimates.

The final result for 2012-13 is for an operating profit of $371.2 million, reflecting an improvement of $295.9 million over the original budget of $75.3 million. This is largely due to an outperforming investment result and associated contribution from higher discount rate movements, reduced claim payments, as well as lower claims provisions.

With a further strengthening of its solvency position confirmed during the 2012-13 financial year, and as published in the 2013-14 budget, the commission recently provided a one-off contribution of $100 million to the government. South Australian motorists will benefit directly from the commission's contribution, with investments of $52.3 million having already been allocated toward the following road projects:

$3.2 million for the upgrade of the Britannia roundabout to improve road safety and traffic flow, and that work is currently underway;

$21 million for the state's contribution toward upgrading the main access roads into the APY lands;

$12.4 million for the state's contribution toward improving the safety and efficiency of the South Eastern Freeway;

$7.7 million over two years for the upgrade of the North East Road and Sudholz Road intersection to improve the safety and efficiency of this particular intersection;

$4 million over two years for the upgrade of the Magill Road and Glynburn Road intersection to improve safety and capacity and reduce delays;

$2.5 million over two years for the installation of traffic signals at the intersection of Golden Grove Road and Grenfell Road (East), Surrey Downs, to provide improved and safer access, as well as safer crossing facilities for pedestrians; and

$1.5 million over three years for the installation of ten fixed-location road safety cameras at mid-block points on high risk metropolitan arterial roads at locations which have a history of crashes or speeding motorists.

The $100 million contribution has only been provided to the state in exceptional circumstances, arising as a result of the commission's markedly improved investment performance against budget. This decision by the government to continue to invest in the state's infrastructure means that our roads will be a better place for South Australian motorists, cyclists and pedestrians alike. The government will continue to work with the Motor Accident Commission to reap the benefits of positive returns against budget to ensure our roads can be safe for all.

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