❓ Mr. Michael questions the Premier on how the 2023-24 budget reflects strong financial management and debt reduction. The Premier responds by highlighting WA's economic performance, debt reduction, and investments, contrasting it with the previous Liberal-National government and other states.
AnsweredQoN 312Legislative Assembly
QuestionView source ↗
NET DEBT — 2023–24 STATE BUDGET
312. Mr D.R. MICHAEL to the Premier:
I refer to the McGowan Labor
government's commitment to responsible financial management.
(1) Can the
Premier outline to the house how last week's budget continues this
government's record of strong financial management?
(2) Can the Premier advise the
house how this government continues to pay down Liberal–National debt?
312. Mr D.R. MICHAEL to the Premier:
I refer to the McGowan Labor
government's commitment to responsible financial management.
(1) Can the
Premier outline to the house how last week's budget continues this
government's record of strong financial management?
(2) Can the Premier advise the
house how this government continues to pay down Liberal–National debt?
AnswerView source ↗
(1)–(2) The budget handed down last Thursday confirms that
Western Australia has gone from the worst performing economy in 2016–17
to the best performing economy in Australia. When we arrived in office, the
state had just been through a recession under the last Liberal–National
government. We now have, in this financial year, the highest economic growth in
nine years. It confirms that we have gone from the worst net-debt-to-revenue
ratio in Australia to the best. It confirms that net debt is now $16 billion
less than that projected under the last government when it was in office. Under
the budget handed down the other day, net debt will fall by the end of this
financial year to $27.9 billion. Let us compare that with other states, some of
which are heading towards $150 billion or $160 billion, just so members know.
It is the fourth consecutive year that debt has declined. It is our sixth
consecutive year in surplus and it shows we have been successfully paying off the mountain of debt left to us by the
Liberal–National government, which will benefit future
generations. We are now the only state with a AAA credit rating from Standard
and Poor's. Moody's, the
other major credit rating agency, said in light of the budget the other day
that the state projects that fiscal surpluses will be maintained over
the forward estimates —
� which
continues to underscore the stark contrast between the State and its domestic
peers.
That is, the other states. We have
been able to reduce debt and been able to provide support for families in terms
of cost of living. There has been a record investment in public works in both
the city and the country and a record
investment in our health system. We have set aside money from surpluses for
projects like the women's and babies' hospital, the new
desalination plant and the new plantations, which were ignored for years under
the previous government, to ensure we have a ready supply of timber in future
years. All those things we have managed to do as part of this and last year's
budget.
It is a stark contrast to the
opposition. I listened to some of their speeches. They are sort of saying that debt has not gone down. I am kind of wondering
what budget they are reading and whether they are reading another state's
budget! It is Western Australia; I do not think they have looked at our budget.
They would want to probably check the front
page! They are probably looking at another state's budget! Anyone would think, listening to the opposition leader's speech, that Western Australia
is a dim, dark, horrible place. It is like
something apocalyptic; I remember Kurt Russell in Escape from New York .
It was like Escape from New York ! It was a dim, dark,
horrible place full of zombies and terrible things occurring listening to his speech. It was so horrible that I was frightened
at the end of his speech how bad it is in Western Australia —how
shocking this place is! It is nightmarish what is going on in the Leader of the
Opposition's head. It is a real nightmare how bad he thinks things are.
When I go outside and I look around, I see a bright, successful, vibrant state
in both the city and the regions, which is leading the nation, whereas he just
sees this horrendous apocalyptic zombie paradise. It is a difference of
perspective but I think most people are optimistic and not the deep, dark
pessimists that the Leader of the Opposition is.
Western Australia has gone from the worst performing economy in 2016–17
to the best performing economy in Australia. When we arrived in office, the
state had just been through a recession under the last Liberal–National
government. We now have, in this financial year, the highest economic growth in
nine years. It confirms that we have gone from the worst net-debt-to-revenue
ratio in Australia to the best. It confirms that net debt is now $16 billion
less than that projected under the last government when it was in office. Under
the budget handed down the other day, net debt will fall by the end of this
financial year to $27.9 billion. Let us compare that with other states, some of
which are heading towards $150 billion or $160 billion, just so members know.
It is the fourth consecutive year that debt has declined. It is our sixth
consecutive year in surplus and it shows we have been successfully paying off the mountain of debt left to us by the
Liberal–National government, which will benefit future
generations. We are now the only state with a AAA credit rating from Standard
and Poor's. Moody's, the
other major credit rating agency, said in light of the budget the other day
that the state projects that fiscal surpluses will be maintained over
the forward estimates —
� which
continues to underscore the stark contrast between the State and its domestic
peers.
That is, the other states. We have
been able to reduce debt and been able to provide support for families in terms
of cost of living. There has been a record investment in public works in both
the city and the country and a record
investment in our health system. We have set aside money from surpluses for
projects like the women's and babies' hospital, the new
desalination plant and the new plantations, which were ignored for years under
the previous government, to ensure we have a ready supply of timber in future
years. All those things we have managed to do as part of this and last year's
budget.
It is a stark contrast to the
opposition. I listened to some of their speeches. They are sort of saying that debt has not gone down. I am kind of wondering
what budget they are reading and whether they are reading another state's
budget! It is Western Australia; I do not think they have looked at our budget.
They would want to probably check the front
page! They are probably looking at another state's budget! Anyone would think, listening to the opposition leader's speech, that Western Australia
is a dim, dark, horrible place. It is like
something apocalyptic; I remember Kurt Russell in Escape from New York .
It was like Escape from New York ! It was a dim, dark,
horrible place full of zombies and terrible things occurring listening to his speech. It was so horrible that I was frightened
at the end of his speech how bad it is in Western Australia —how
shocking this place is! It is nightmarish what is going on in the Leader of the
Opposition's head. It is a real nightmare how bad he thinks things are.
When I go outside and I look around, I see a bright, successful, vibrant state
in both the city and the regions, which is leading the nation, whereas he just
sees this horrendous apocalyptic zombie paradise. It is a difference of
perspective but I think most people are optimistic and not the deep, dark
pessimists that the Leader of the Opposition is.
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