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Tuesday, 7 February 2017
Page: 168

Australian Submarine Corporation

(Question No. 41)

Mr Champion asked the Minister representing the Minister for Defence, in writing, on 17 October 2016:

To ask the Ministers listed below (question Nos. *40 to *41)

To ask the Minister representing the Minister for Finance.

To ask the Minister representing the Minister for Defence.

At any stage since September 2013 has the Minister's department

(a) investigated a possible restructure of the Australian Submarine Corporation (ASC); if so, what was the outcome,

(b) provided advice to the Government on a possible restructure of the ASC, and

(c) considered the impact of a possible restructure of the ASC on its employees.

Mr Pyne: The Minister for Defence has provided the following answer to the honourable member's question:

The Government commissioned a strategic review of ASC Pty Ltd (ASC) in mid-2015. The strategic review considered future options for ASC, its mandate, corporate and capital structures as well as its governance arrangements. The strategic review was conducted by the Department of Finance and its external business, accounting and legal advisers, in consultation with the Department of Defence. ASC also provided assistance and valuable input into the strategic review.

On 11 October 2016, informed by the recommendations of the strategic review, the Government announced that it will structurally separate ASC into three individual Government-owned companies to deliver a more flexible approach to managing the investment required in shipbuilding infrastructure.

The impact of a restructure of ASC on its employees was considered as part of the strategic review. Employees' terms and conditions will not be directly affected by the structural changes to ASC.