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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2020-06-16 Daily Xml
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Stadium Management Authority

In reply to the Hon. F. PANGALLO (14 May 2020).

The Hon. R.I. LUCAS (Treasurer): I have been provided the following advice:

The Adelaide Oval SMA Ltd (SMA) wrote to the government in late March 2020 to advise of the significant negative impacts from the cancellation of AFL games and other revenue raising operations at Adelaide Oval as a consequence of COVID-19. It sought financial relief under existing arrangements between the state and SMA, SACA and SANFL that support Adelaide Oval.

Furthermore, I refer the honourable member to my letter dated 27 May 2020 which stated:

I confirm that approval was given to the SMA to make a nil contribution in 2020-21 to its own sinking fund for Adelaide Oval which will lead to a saving of $3 million for the SMA.

I can also confirm there was a formal submission from the SMA in relation to the loan arrangements concerning the new stadium hotel seeking a reduction in the 4.5 per cent interest rate. That request was not agreed to by the government.

As part of the government's response to the COVID-19 pandemic the government has adopted a general policy of loan deferrals for borrowers with government loans experiencing financial difficulties due to the pandemic.

Consistent with this policy the government approved a loan deferral for the period to 30 September 2020 with the interest payments capitalised over the remaining life of the loan.

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