Ms O'CONNOR - Can I go now to the TASCORP client listing in the annual report. Are you able to tell us whether the Forest Practices Authority was investing or borrowing with TASCORP? What is the nature of the financial relationship with Tasracing? Is that investing or borrowing with TASCORP?
Mr BAKER - Forest Practices hase investment funds with us. The other question was Tasracing had borrowing facilities with us, existing debt for some capex programs.
Ms O'CONNOR - Are you able to tell us what the level of debt of Tasracing is, even though obviously, we can explore that in the next GBE, but it would be good to know in here.
Mr BAKER - Tasracing had borrowing facilities with existing debt for some capex programs.
Ms O'CONNOR - Are you able to tell us what the level of debt of Tasracing is? Obviously, we can explore that in the next GBE but it would be good to know in here.
Mr BAKER - Tasracing - $7.126 million.
Ms O'CONNOR - When did they borrow that?
Mr BAKER - It's not a single borrowing, there'd be -
MR FERRALL - It wasn't the last financial year. It's legacy debt in regards to the refurbishment of the northern racecourses. Once again, I don't have that level of detail with us.
Ms O'CONNOR - Thank you for that. This is an entity which is substantially publicly funded to the tune of about $30 million a year. How does an entity that can't stand alone repay more than $7 million in debt?
Mr FERRALL - Well, they can repay over time.
Ms O'CONNOR - It's like the government gives with one hand and takes with the other.
Mr FERRALL - It depends on the level of support and their revenues what they can repay over time, quite obviously. But that is legacy debt which was provided to support their expansion of race facilities in the north and for a period of time, I can't remember exactly how long that was actually in place, government support for the interest associated with that debt as well.
Mr BAKER - The funding is linked to the funding deed. So, our borrowings term is linked to the term of the funding deed, executed between the government and Tasracing.
Mr GUTWEIN - Did that occur when you were in government or not?
Ms O'CONNOR - I have no idea. I wasn't the racing minister.
Mr GUTWEIN - I'm just wondering whether you were a minister around the table -
Ms O'CONNOR - Racing didn't come up.
Mr GUTWEIN - My recollection was that Michael Aird was the treasurer at the time and it was to do with the sale of TOTE and there was a long term deed that was put in place.
Ms O'CONNOR - Oh, 100 per cent, I know all about that. We had problems with it but we were happy to have some funds allocated from it for Greens policies.
Mr GUTWEIN - Right, so you'd understand how -
Ms O'CONNOR - Like a ban on battery hen farming, for example.
Mr GUTWEIN - You'd understand how Tasracing gets its revenues then, you are well-versed on that.
Ms O'CONNOR - Yes.