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New MLA’s stint to be even shorter than expected

By Charlotte Harper - 2 August 2016 14

Jeremy Hanson and Val Jeffery.

UPDATE: A spokesman for the Canberra Liberals said today that Mr Jefferey will in fact be in attendance on each of the remaining five sitting days.

The new Liberal Member for Brindabella Val Jeffery will make his maiden speech this morning in the ACT Legislative Assembly but is unlikely to be in attendance for the remaining six sitting days before the ACT election, having arranged for a pair with the Government.

The pair arrangement means that one Government MLA will abstain from voting on any matters before the Assembly in Mr Jeffery’s absence.

Mr Jeffery is 81, and works as the owner/operator of the Tharwa store. He will not run for re-election in October.

He was elected to the Assembly on a countback last week to replace Assembly veteran Brendan Smyth, who starts a new public service role as Commissioner for International Engagement tomorrow.

The new MLA’s maiden speech is expected to focus on issues relevant to residents of rural areas in the ACT, including Tharwa.

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14 Responses to
New MLA’s stint to be even shorter than expected - 13 are blacklisted
14
HiddenDragon 5:46 pm
04 Aug 16
#

Affirmative Action Man said :

Lurker2913 said :

Russ said :

Garfield said :

I hope Val is getting a fat pension like the rest of the MLA’s

You mean an accumulation Superannuation account like the rest of them? And every other normal worker?

The old defined benefit schemes were closed years ago, only a handful of current members would be in the one for MLAs.

You left out the words “partly funded”.
You will be hearing a lot more about the ACT government’s billions of dollars of unfunded pension/superannuation soon.

Dungfungus,
all new superannuation accounts are fully funded accummulation accounts.

The old defined benefits schemes did not have “direct” funding attached to them at the time but the ACT government has been building investment funds to cover the liability for many years. They’ve currently got about $3.5B in investments out of a liability that will peak at $8-9B in the mid 2030’s. They inject $150-$200million into the fund every year on top of investment earnings.

As for “you’ll be hearing about it soon”, it’s all clearly spelt out in the budget if you’d care to take a look, it’s not like it’s a secret and it’s not like they aren’t planning for it.

http://apps.treasury.act.gov.au/__data/assets/pdf_file/0006/870900/08.-Chapter-8-Asset-and-Liability-Management.pdf

From page 297 of that document –

“Due to the achievement of strong investment returns on the SPA (Superannuation Provision Account) investment portfolio over recent years, the amount of annual appropriation to the SPA is being reduced by $75 million per annum for three years commencing in 2016-17. The funding objective remains on target with the funding plan monitored on an ongoing basis.”

So anyone who is likely to be an ACT taxpayer/ratepayer for some years to come will be relying on the asset-price pumping activities of the RBA and other central banks to keep producing magic pudding results – the defined benefit costs are largely locked-in, the money to pay for them is the real variable here.

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