❓ Shadow Treasurer Buswell questions whether the Treasurer's budget analysis implies no property price increases in WA. Treasurer Ripper avoids a direct answer, highlighting tax relief on high-value properties and predicting economic growth.
AnsweredQoN 215Legislative Assembly
Asked
15 May 2007
Member
QuestionView source ↗
STATE BUDGET - PROPERTY PRICES
I have a supplementary question. Based on the Treasurer’s comparison and analysis, is he saying that there will be no increase in property prices in Western Australia in the next year? Mr E.S. RIPPER
I have a supplementary question. Based on the Treasurer’s comparison and analysis, is he saying that there will be no increase in property prices in Western Australia in the next year? Mr E.S. RIPPER
AnswerView source ↗
Dear me; what a struggle, Mr Speaker. Let me give the shadow Treasurer the figures based on a $10 million property. Currently, a $10 million property attracts $214 768 worth of new tax, and the new figure will be $125 875. In comparison, it is $164 116 in New South Wales; $204 980 in Victoria; $150 000 in Queensland; $344 420 in South Australia; $241 088 in Tasmania; and $157 525 in the Australian Capital Territory. If I follow the logic, such as it is, of the very poor supplementary question from the member for Vasse, I ask: is Peter Costello saying that there will be no increase in company profits and no increase in wages? Of course Peter Costello is not saying that. We are predicting 4.5 per cent economic growth next year, after six per cent economic growth this year. Of course there will be an increase in income in Western Australia and of course there will be an increase in wealth in Western Australia; our policies are promoting those increases. Members opposite would criticise us if we did not promote a wealth increase and an income increase. However, when we do make calculations - Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr E.S. RIPPER replied: Dear me; what a struggle, Mr Speaker. Let me give the shadow Treasurer the figures based on a $10 million property. Currently, a $10 million property attracts $214 768 worth of new tax, and the new figure will be $125 875. In comparison, it is $164 116 in New South Wales; $204 980 in Victoria; $150 000 in Queensland; $344 420 in South Australia; $241 088 in Tasmania; and $157 525 in the Australian Capital Territory. If I follow the logic, such as it is, of the very poor supplementary question from the member for Vasse, I ask: is Peter Costello saying that there will be no increase in company profits and no increase in wages? Of course Peter Costello is not saying that. We are predicting 4.5 per cent economic growth next year, after six per cent economic growth this year. Of course there will be an increase in income in Western Australia and of course there will be an increase in wealth in Western Australia; our policies are promoting those increases. Members opposite would criticise us if we did not promote a wealth increase and an income increase. However, when we do make calculations - Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Dear me; what a struggle, Mr Speaker. Let me give the shadow Treasurer the figures based on a $10 million property. Currently, a $10 million property attracts $214 768 worth of new tax, and the new figure will be $125 875. In comparison, it is $164 116 in New South Wales; $204 980 in Victoria; $150 000 in Queensland; $344 420 in South Australia; $241 088 in Tasmania; and $157 525 in the Australian Capital Territory. If I follow the logic, such as it is, of the very poor supplementary question from the member for Vasse, I ask: is Peter Costello saying that there will be no increase in company profits and no increase in wages? Of course Peter Costello is not saying that. We are predicting 4.5 per cent economic growth next year, after six per cent economic growth this year. Of course there will be an increase in income in Western Australia and of course there will be an increase in wealth in Western Australia; our policies are promoting those increases. Members opposite would criticise us if we did not promote a wealth increase and an income increase. However, when we do make calculations - Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr E.S. RIPPER replied: Dear me; what a struggle, Mr Speaker. Let me give the shadow Treasurer the figures based on a $10 million property. Currently, a $10 million property attracts $214 768 worth of new tax, and the new figure will be $125 875. In comparison, it is $164 116 in New South Wales; $204 980 in Victoria; $150 000 in Queensland; $344 420 in South Australia; $241 088 in Tasmania; and $157 525 in the Australian Capital Territory. If I follow the logic, such as it is, of the very poor supplementary question from the member for Vasse, I ask: is Peter Costello saying that there will be no increase in company profits and no increase in wages? Of course Peter Costello is not saying that. We are predicting 4.5 per cent economic growth next year, after six per cent economic growth this year. Of course there will be an increase in income in Western Australia and of course there will be an increase in wealth in Western Australia; our policies are promoting those increases. Members opposite would criticise us if we did not promote a wealth increase and an income increase. However, when we do make calculations - Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Dear me; what a struggle, Mr Speaker. Let me give the shadow Treasurer the figures based on a $10 million property. Currently, a $10 million property attracts $214 768 worth of new tax, and the new figure will be $125 875. In comparison, it is $164 116 in New South Wales; $204 980 in Victoria; $150 000 in Queensland; $344 420 in South Australia; $241 088 in Tasmania; and $157 525 in the Australian Capital Territory. If I follow the logic, such as it is, of the very poor supplementary question from the member for Vasse, I ask: is Peter Costello saying that there will be no increase in company profits and no increase in wages? Of course Peter Costello is not saying that. We are predicting 4.5 per cent economic growth next year, after six per cent economic growth this year. Of course there will be an increase in income in Western Australia and of course there will be an increase in wealth in Western Australia; our policies are promoting those increases. Members opposite would criticise us if we did not promote a wealth increase and an income increase. However, when we do make calculations - Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr T. Buswell : What does that do for individual land tax bills? They go up. The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
The SPEAKER : Order, member for Vasse! Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr E.S. RIPPER : What every Treasurer does - and every shadow Treasurer except for the member for Vasse - is take the current tax regime and apply it to the circumstances in the forthcoming financial year; then take the new tax regime and apply that to the circumstances in the forthcoming financial year; and the difference in the impact is the tax relief. Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr T. Buswell : Voodoo economics! Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
Mr E.S. RIPPER : The only voodoo person in this house is the member for Vasse, and I think he caught that in the car park from that purveyor of voodoo politics, Noel Crichton-Browne!
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.