❓ A parliamentary question regarding the financial performance of the Insurance Commission of Western Australia is answered with a report of profit and accusations of mismanagement by the previous Labor government.
AnsweredQoN 115Legislative Assembly
QuestionView source ↗
Given the financial history of the Insurance Commission of Western Australia and the huge losses incurred during the Labor Party's administration, will the minister inform the House of the commission’s performance during the past financial year? Mr KIERATH
AnswerView source ↗
I am not only pleased but also very proud to report to the House that the Insurance Commission of Western Australia had a consolidated operating profit of $26.5m before tax for the 1999-2000 financial year. The year ended with the third party insurance fund having an operating profit after tax of $30m; the compensation (industrial diseases) fund made a profit of $3m; and the RiskCover managed fund had an operating surplus of $13.2m. This is only the second time in the past 10 years that the Insurance Commission of WA has been able to report a positive net asset position on a consolidated basis at year's end. The reason is simple: The Insurance Commission of WA, or its forerunner, was one of the treasure chests that was looted by the Labor Government when it was in power. Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Mr KIERATH replied: I am not only pleased but also very proud to report to the House that the Insurance Commission of Western Australia had a consolidated operating profit of $26.5m before tax for the 1999-2000 financial year. The year ended with the third party insurance fund having an operating profit after tax of $30m; the compensation (industrial diseases) fund made a profit of $3m; and the RiskCover managed fund had an operating surplus of $13.2m. This is only the second time in the past 10 years that the Insurance Commission of WA has been able to report a positive net asset position on a consolidated basis at year's end. The reason is simple: The Insurance Commission of WA, or its forerunner, was one of the treasure chests that was looted by the Labor Government when it was in power. Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
I am not only pleased but also very proud to report to the House that the Insurance Commission of Western Australia had a consolidated operating profit of $26.5m before tax for the 1999-2000 financial year. The year ended with the third party insurance fund having an operating profit after tax of $30m; the compensation (industrial diseases) fund made a profit of $3m; and the RiskCover managed fund had an operating surplus of $13.2m. This is only the second time in the past 10 years that the Insurance Commission of WA has been able to report a positive net asset position on a consolidated basis at year's end. The reason is simple: The Insurance Commission of WA, or its forerunner, was one of the treasure chests that was looted by the Labor Government when it was in power. Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Mr KIERATH replied: I am not only pleased but also very proud to report to the House that the Insurance Commission of Western Australia had a consolidated operating profit of $26.5m before tax for the 1999-2000 financial year. The year ended with the third party insurance fund having an operating profit after tax of $30m; the compensation (industrial diseases) fund made a profit of $3m; and the RiskCover managed fund had an operating surplus of $13.2m. This is only the second time in the past 10 years that the Insurance Commission of WA has been able to report a positive net asset position on a consolidated basis at year's end. The reason is simple: The Insurance Commission of WA, or its forerunner, was one of the treasure chests that was looted by the Labor Government when it was in power. Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
I am not only pleased but also very proud to report to the House that the Insurance Commission of Western Australia had a consolidated operating profit of $26.5m before tax for the 1999-2000 financial year. The year ended with the third party insurance fund having an operating profit after tax of $30m; the compensation (industrial diseases) fund made a profit of $3m; and the RiskCover managed fund had an operating surplus of $13.2m. This is only the second time in the past 10 years that the Insurance Commission of WA has been able to report a positive net asset position on a consolidated basis at year's end. The reason is simple: The Insurance Commission of WA, or its forerunner, was one of the treasure chests that was looted by the Labor Government when it was in power. Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Mr Johnson: Who was the minister? Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Mr KIERATH: I will come to that in a moment. Along with the names of others that were looted are Bell Group, Rothwells, Spedleys and Paragon. I hope the memories of opposition members are better than that of their former leader, Carmen Lawrence, who could remember little. I am sure those names are familiar to members opposite, especially the Leader of the Opposition because he was the minister responsible for this portfolio when the former Labor Government performed the biggest plunder of all. In the wake of losing hundreds of millions of dollars of taxpayers’ money, we heard those angry words yesterday about ministerial responsibility. The Leader of the Opposition did not resign when he lost hundreds of millions of dollars when he was in the same position I am in. We have not even heard him say sorry. He cannot bring himself to say sorry. I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
I point out to the people of Western Australia that there is a difference between the situation when that side is in government and when this side in government. If people want financially responsible management, unfortunately they can trust only the coalition Government. They cannot trust the Labor Party under any circumstances. Labor would like to kid us that WA Inc is in the past when it is not. This Government has managed to get agencies like the Insurance Commission of Western Australia back in the black. The Government has also managed to get the Government Employees Superannuation Board back in the black. No wonder the ALP's symbolic colour is red because that is how it leaves the State when it is in government. The Leader of the Opposition’s face should be the reddest of them all.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.