❓ Question about WA's interest payments for 2011-12 and forward estimates. Treasurer initially deflects, questioning the questioner's motives and past statements, before eventually providing figures.
AnsweredQoN 455Legislative Assembly
QuestionView source ↗
STATE BUDGET 2011–12 — INTEREST PAYMENTS
(1) Is the Treasurer able to advise the house how much the state’s interest payments will total this financial year? (2) Is the Treasurer able to advise the house how much money the state will have to pay in interest payments over the period of the forward estimates? Mr C.C. PORTER
(1) Is the Treasurer able to advise the house how much the state’s interest payments will total this financial year? (2) Is the Treasurer able to advise the house how much money the state will have to pay in interest payments over the period of the forward estimates? Mr C.C. PORTER
AnswerView source ↗
(1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
(2) Is the Treasurer able to advise the house how much money the state will have to pay in interest payments over the period of the forward estimates? Mr C.C. PORTER replied: (1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER replied: (1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
(1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
“Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year.
Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
(2) Is the Treasurer able to advise the house how much money the state will have to pay in interest payments over the period of the forward estimates? Mr C.C. PORTER replied: (1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER replied: (1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
(1)–(2) I thank the member for her question. I know that the member has made some statements on this matter previously. I am looking at a media release that she put out — Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : Why don’t you answer the question? Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I am eight words into answering the question. The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : I do not think that anyone in this place at this moment needs to provide the Treasurer with any advice. The Treasurer has been asked a question. I expect the Treasurer to answer it—whether he is eight words in or not. Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : The media release that the member for Midland put out stated — “A debt of more than $20billion will take a generation or more to repay,” she said. “Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year. What interests me about the question is: does the member ask it because she does not know what the interest bill on the debt will be or does she ask it because she asserts it will be $1.9 billion and wants me to confirm or deny that fact? Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
“Yearly interest alone will be $1.9billion in 2014, the equivalent of paying for a new Fiona Stanley Hospital each year.
Several members interjected. Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I just think it interesting that — Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr E.S. Ripper : You’re the Treasurer; you know the answer. The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Leader of the Opposition! Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Order! The member for Midland has asked a question and I suspect that she is thinking she might hear an answer. I am thinking that I might hear an answer as well, member for Midland. I do not think that other people need to answer the question on behalf of the Treasurer. I now wish to hear the Treasurer endeavouring to answer the question. Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Thank you, Mr Speaker. I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
I can start off by saying, in good loyalty fashion, what the interest bill is not: it is not what the member for Midland asserts it to be—that is, $1.9 billion—is it member? Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : No. Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : That raises an interesting question. If the member now acknowledges that it is not $1.9 billion, why did she put out a press release to win votes, which goes out to all the people of Western Australia, saying the yearly interest alone will be $1.9 billion? Why did the member for Midland do that? Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts interjected. Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Is the member for Midland a member of the Wilderness Society? Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Is she now, or was she ever, between the years 1936 and 1949, a member of the Wilderness Society? Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Point of Order Mr M. McGOWAN : As you have alluded to on numerous occasions, Mr Speaker, ministers should answer the question. The question was without preamble. It was very specific. It really just asked for two figures from the Treasurer and now he is talking about the year 1936. I would suggest that he come back to the question. The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Yes, indeed. I think the Treasurer may have erred in the year he is describing. Perhaps he could come back to 2011. Questions without Notice Resumed Mr C.C. PORTER : Sorry, Mr Speaker. There are reds under my futon! The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The interest bill on our debt is measured by looking at the total interest expense in a year and then deducting from that the amount of revenue that government earns on interest, which is of course how we measure interest. Therefore, in 2010–11, the net interest cost on debt is about $833 million and in 2011–12 it is about $1 048 billion. In 2012–13 it is predicted to be $1 187 billion. Nowhere is it predicted that the net interest cost will be $1.8 billion. Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr M. McGowan : It is still more than a billion. Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Sure, but why lie to the people of WA? If the member for Rockingham thinks that is too much, why go out and lie to the people of WA? Why do that? Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Point of Order Mr M. McGOWAN : The Treasurer accused a member of the opposition of telling a lie. I ask that he withdraw that. Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr R.F. Johnson : He did not. Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr M. McGOWAN : He did. He was referring to a statement from a member of the opposition and then he said, “Why go out and lie to the people of Western Australia about it?” I ask that the Treasurer be ordered to withdraw that statement. The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Member for Rockingham, if indeed the Treasurer indicated that, I ask him to withdraw. I must tell you that I did not hear it in that particular context; although that certainly could be a way of understanding it. I am going to give the benefit of the doubt on this occasion to the Treasurer and if he wishes to continue his remarks I ask him to continue. Questions without Notice Resumed Mr C.C. PORTER : Thank you, Mr Speaker. It may be that the problem the shadow Treasurer suffers is that she does not know the difference between net and gross interest. Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Order, members! Member for Mandurah, I formally call you to order for the first time today. Member for Midland, you are not aiding your cause by continually interjecting. If you want answers from the Treasurer I suggest that you listen to him for a little while, whether you agree with him or not. Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : Thank you, Mr Speaker. The problem is the net amount. If we deduct revenue—that is the interest the state earns on its money and assets—from the gross amount, the answer to the first part of the question is $1.187 billion. What is very interesting about that figure — Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : It is rather close to 1.9, isn’t it? Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : If it is that close, you give me $800 million! If that is a minor amount, that is just ridiculous! Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : It is a minor accounting slip-up on the behalf of the shadow Treasurer. Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : What is the gross interest payment? Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I have explained what that is; it is 1.882, but that is not the interest on debt. Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : You are saying 1.882 — Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : That is correct. Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mrs M.H. Roberts : Well, how long has it taken you to say that? The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
The SPEAKER : Order! If you wish to ask a supplementary question, member for Midland, I will give you the opportunity. I am not going to give you the opportunity to continue to yell across the chamber. I formally call you to order for the first time today. Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : I will explain the difference between gross and net. Gross income is what appears on a pay slip, and net income is what happens after tax. If members go out and do the family budget on the gross income, they might have some difficulties. Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Several members interjected. Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
Mr C.C. PORTER : When we look at the net interest cost, one of the very interesting measures, member, is when we look at net interest as a percentage of revenue. I know that the member likes to talk constantly in the quantum of debt per capita, which is of course high in Western Australia. However when we look at net interest as a percentage of revenue, in 2013–14, we predict net interest as a percentage of revenue will be about 2.88, which is a very, very manageable figure. Interestingly, Victoria’s net interest as a percentage of revenue in the same year, sits at about 5.75 per cent and that is because we have a very large economy that requires a very large amount of capital investment—which is what we are undertaking. Therefore, I thank the member for her question and look forward to her next press release.
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