Controversial TIO sale bill passed during late-night sitting of the Northern Territory Parliament
After hours of debate late into the night, the Northern Territory Parliament has approved the sale of the Territory Insurance Office (TIO).
"Honourable members, the ayes are 13, the nos are 11, it is found in favour of the ayes," Northern Territory Parliament speaker Kezia Purick said.
The only chance the bill had of being defeated was if two Country Liberal (CLP) government members crossed the floor, but that did not happen.
German-based insurance giant Allianz will buy TIO's insurance arm for $236 million, while the People's Choice Credit Union will pay $48 million for the banking and loans service.
Chief Minister Adam Giles told Parliament the Labor Opposition never offered an alternative solution to the challenges facing TIO.
"You could have been part of leadership and tried to find a way, but nothing," Mr Giles said.
Labor's new member for Casuarina, Lauren Moss, accused the Government of subverting democracy.
"To avoid full and proper debate is as astounding as it is disgraceful," he said.
Labor's Ken Vowles made a final plea for the sale to be stalled.
"Territorians are feeling ripped off right now, because you have sold their asset," Mr Vowles said.
"You haven't asked for their opinion."
But Country Liberal member Bess Price said the Opposition was acting as if TIO was about to vanish.
"TIO will not disappear, TIO will remain in the Territory with all of its current officers, shop fronts, staff products and its name," she said.
Independent MLA Gerry Wood said the Territory public had been ignored.
"I have never said in this debate that I don't think ever, ever TIO should be sold," he said.
"The people own TIO and they would like to be part of this debate and be informed before you sell."
