Mr MIKE BAIRD (Manly) [10.41 a.m.]: I support the Waste Recycling and Processing Corporation (Authorised Transaction) Bill 2010 (No. 2). My contribution to the debate on the previous bill was clear. Therefore, without taking up too much time of the House I shall refer only to a couple of points. Certainly, the Opposition supports the argument that this business needs to be sold. I support the comments of the Parliamentary Secretary and the Treasurer that being both owner and regulator in an industry presents a clear conflict of interest. This bill aims to remove as much of that conflict as possible. Presently, the waste industry is experiencing increasing competition and requires significant investment in new technology to improve environmental outcomes through reduced landfill and other matters. I commend the Government on its strategy to sell this business.

The Opposition's contribution always has been to try to be constructive. I acknowledge the Treasurer and his office for listening to and acting on our concerns. We spend much time in this place pointing fingers at each other and raising concerns about policy, politics and the like. This transaction has been undertaken with a sense of goodwill to try to achieve the best outcome for the people of New South Wales. The spirit and cooperation in which negotiations have been undertaken, notwithstanding the odd misunderstanding of process and procedures, are testament to what should happen if the Government is really trying to secure the best results for those whom we try to serve, the people of New South Wales.

I am pleased that the Government has included the two amendments that the Opposition proposed. The first amendment reflects the concept that if a business or entity is sold, it is not fair to leave behind future liabilities to be met from future budgets, thus taking money from elsewhere across a State budget. Our strong argument has been that all liabilities—contingent or otherwise, future or current—should be met from the sale of any entity. We are pleased the Government has agreed to establish a trust account for that purpose. This means that the proceeds of the sale will help to meet all liabilities retained within the business.

We hope that, in the continued spirit of good management and good governance, the Government in executing this sale will not try to impose other forms of debt or legal costs on the new entity to get around this clause of the bill. We understand that is not the Government's intention. Our concern is that all outstanding landfill liabilities, whether contingent or legal, are met by the proceeds of this transaction. That is the substance of the first amendment and I repeat that we are glad the Government has supported our initiative.

We note also that the Treasurer will prepare a report on a range of concerns as detailed in the second amendment. The shadow Minister in the upper House will provide the detail on that amendment. This is a complex transaction with many variables and difficulties. We trust the Government will be cognisant of the report on environmental outcomes, competition, and incorporation of consumer protection. No doubt the concluding response of the Treasurer will reflect good governance, good process, and ultimately the best outcome for the people of New South Wales. The Opposition certainly supports this bill and the proposal, with our amendments.

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