❓ Hon ED DERMER asks about the WA government's plans regarding the federal government's offer to guarantee state borrowings. Hon BARRY HOUSE responds that the government is awaiting further details before making a decision and outlines strategies to limit debt.
AnsweredQoN 402Legislative Council
QuestionView source ↗
STATE DEBT — FEDERAL GOVERNMENT’S GUARANTEE
I refer to the federal government’s offer of a temporary guarantee of state borrowings. (1) Has the government taken up the federal government’s offer to guarantee existing debt? (2) Will the government be required to utilise the federal government’s guarantee to raise debt in the future? (3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE
I refer to the federal government’s offer of a temporary guarantee of state borrowings. (1) Has the government taken up the federal government’s offer to guarantee existing debt? (2) Will the government be required to utilise the federal government’s guarantee to raise debt in the future? (3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE
AnswerView source ↗
I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(1) Has the government taken up the federal government’s offer to guarantee existing debt? (2) Will the government be required to utilise the federal government’s guarantee to raise debt in the future? (3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(2) Will the government be required to utilise the federal government’s guarantee to raise debt in the future? (3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(1) Has the government taken up the federal government’s offer to guarantee existing debt? (2) Will the government be required to utilise the federal government’s guarantee to raise debt in the future? (3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(2) Will the government be required to utilise the federal government’s guarantee to raise debt in the future? (3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(3) If so, what is the additional cost to the state for raising future debt? (4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(4) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
Hon BARRY HOUSE replied: I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
I thank the honourable member for some notice of this question. (1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(1) The government is awaiting further details from the commonwealth, including its draft legislation, before making a final decision. (2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(2) Once the further details referred to in (1) are received, and depending on market conditions at the time, the government will decide whether or not it is the best financial future of the state for future debt issues to be made under the commonwealth’s guarantee arrangements. (3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(3) Should the government decide that future debt issues will be made under the commonwealth’s guarantee arrangements, the guarantee fee charged by the commonwealth will be 30 basis points, or 0.3 percentage points. (4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
(4) The government’s strategy—introduced by the previous government—to reduce further debt requirements is to implement the three per cent efficiency dividend and the outcomes of its economic audit and capital works audit process. Details of the approved savings measures identified through these processes will be announced in the 2009-10 budget on 14 May 2009.
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