Media Release

FA50a - 15 May 2003

Labor Wrong on Government Properties Overseas

Labor has failed to understand or has misconstrued Australian Government expenditure on the refurbishment and upgrade for Commonwealth owned overseas estate.

Funds for the refurbishment of Commonwealth owned property abroad are not drawn from the budget.

Projects are funded internally from a Special Account managed by the Overseas Property Office of the Department of Foreign Affairs and Trade.

Revenue into the Special Account is based on rents paid by agencies that occupy government property and are commercially based. No appropriated funds from the budget are paid into the Special Account.

All overseas project expenditure for the owned estate is drawn from the Special Account. An annual dividend to the Commonwealth ($92 million in 2002-03) is also paid from the Account.

The projects outlined in the budget papers are part of the Department’s rolling program of refurbishment and upgrade for the Commonwealth owned overseas estate. They will ensure compliance with Australian, European or US standards, and will meet Australian occupational health and safety laws. They will also satisfy the Commonwealth Property Principles, which require refurbishment of owned properties to agreed standards to maintain their long-term economic value.
 

 

Media inquiries: Andrew Park (02) 6277 7500

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