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Legislative Council - Fifty-Fourth Parliament, First Session (54-1)
2019-07-02 Daily Xml
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Public Trustee

141 The Hon. K.J. MAHER (Leader of the Opposition) (5 June 2019). Can the Attorney-General advise—as a result of proposed cuts to the Public Trustee, under what legal authority is the Public Trustee requiring existing investors to withdraw their investments or managed funds, or terminating those current services, by 30 June 2021?

The Hon. R.I. LUCAS (Treasurer): I have been advised:

The Public Trustee Act 1995 provides that the minister may approve classes of persons that can invest money with the Public Trustee (section 29(1)(b)).

That approval includes the following classes of people:

1. Wills customers of the Public Trustee

2. Beneficiaries of estates and trusts administered by the Public Trustee, when funds would otherwise be distributed

3. Trustees of estates and trusts

4. Trustees of charitable funds

5. Religious organisations

6. Trustees of self-managed superannuation Funds

7. Staff

The government does not consider that investing funds other than as part of its role in administering client money is the core business of the Public Trustee. The Public Trustee is not a bank or investment company. There are many private sector investment organisations that undertake this work.

The minister intends to remove the authority under section 29(1)(b) for the classes of persons listed above to invest with the Public Trustee. From 1 July 2019 the Public Trustee will cease to accept any new deposits, with the service to be fully phased out by 30 June 2021. This will enable the existing clients (approximately 230) sufficient time to seek the necessary accounting and taxation advice, and arrange for an alternative investment provider.

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