Andrew Barr has announced he’s getting ready to sell off some silverware to balance his books:
The ACT Government will be commissioning a detailed review into future ownership and governance arrangements of ACTTAB.
A feasibility study will be undertaken to identify the full range of future ownership options and the issues associated with each. The various options range from retaining full government ownership and possible improvements to existing operational/governance arrangements, or the partial or full transfer of ownership to the private sector.
A select tender is being undertaken to engage expert advice in reviewing the various range of options.
ACTTAB was first established as a statutory authority in 1964, and has since been restructured as a Territory-owned Corporation. The existing business model, which has been in place since 1996, has served the Territory well. The market has, however, changed dramatically over this time.
ACTTAB is one of two remaining Government owned betting agencies in Australia and, as the smallest TAB with limited market share, operates in a market with intense competition from corporate bookmakers and new forms of gambling products and channels.
As the Government owns the shares on behalf of the Territory, we have a responsibility to ensure that the business is well placed to meet the challenges of the future, to minimise the business risk to the Territory and maximise the long-term sustainability of the business.
Although at this stage we are not prepared to rule out any option, we would only consider full private ownership of ACTTAB if it was in the public interest. ACTTAB can only be sold with the approval of the ACT Legislative Assembly.
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