❓ State economy 240 . Mrs Lisa Munday to the Treasurer: I refer to the release of the state budget last week. (1) Can the Treasurer please outline to the house how this budget cements Western Australia'
AnsweredQoN 240Legislative Assembly
QuestionView source ↗
State economy
240 . Mrs Lisa Munday to
the Treasurer:
I refer to the
release of the state budget last week.
(1) Can the Treasurer please outline to the house
how this budget cements Western Australia's position as the economic powerhouse
of the nation?
(2) Can the Treasurer also please advise if she is
aware of any threat to the state's strong financial position?
240 . Mrs Lisa Munday to
the Treasurer:
I refer to the
release of the state budget last week.
(1) Can the Treasurer please outline to the house
how this budget cements Western Australia's position as the economic powerhouse
of the nation?
(2) Can the Treasurer also please advise if she is
aware of any threat to the state's strong financial position?
AnswerView source ↗
(1)–(2) It is indeed with great pride that
Western Australia continues to be both the economic powerhouse of the nation
and the most responsible financial managers of the nation. Last week we
presented our budget. We basically said that in this very significant time of
global turmoil, we are investing like never before in the economic
infrastructure of this state to create more jobs and make sure WA continues to
manage its finances responsibly, to worry about not
only today but also the future and take care of the future with responsible
financial management together with helping to grow the economy. We have seen
some very good feedback from that budget so far. I refer, initially, to the two
key rating agencies that came out within 24 hours to comment on the state
budget. I quote in relation to Moody's:
Western Australia has built
strong fiscal buffers from recent strength in iron ore prices and robust debt
management such that it can accommodate higher spending without denting overall
fiscal strength. This ensures Western Australia continues to have the lowest
debt burden and highest debt affordability among …
All the states. Despite the
incredible demand we have on spending, and we have significant demands on
spending, we continue to manage the state's finances responsibly. Standard and
Poor's also went out and said:
Western Australia's fiscal
strength continues to set it apart from domestic peers. Solid operating
surpluses, along with a debt burden half that of most east-coast states, enable
it to manage billions in election promises and cost-of-living relief funded in
today's annual budget.
The two rating agencies have
come out to support our fiscal strategy. Of course, it is also about the
economy and that is why we continue to focus on new job generation in this
state.
In relation to the other states,
we have seen a couple of budgets being presented over the past week:
Queensland, New South Wales and Victoria. All of them delivered deficits and
all of them have a lot of commentary about the incredible explosion of debt
across the nation. In relation to the New South Wales budget that was released
today, I have to say that I was very interested to see the New South Wales
Treasurer's focus on economic infrastructure. The New South Wales Treasurer
said something that may sound very similar to something we said:
It's the poles and it's the
pipes and it's not particularly glamorous.
We used the word "sexy",
but "glamourous" is probably a better word to use in the media. We,
again, support economic infrastructure in that state. He was asked to compare
his state to other states. He noted that New South Wales was the second best
performing state after WA. The New South Wales Treasurer quickly added "I
don't really count WA". That is because we are just too far ahead for them
to include in their analysis, members. We are too far ahead and the envy of the
nation, with strong financial management. Yes, we are spending across the state
on economic infrastructure, cost-of-living support and services, while still
maintaining that financial discipline. We will continue along that strategy. Of
course, this does bring again the GST into some debate and we are seeing the
other states, the other commentators, come out after our reduction of our state
budget trying to claw back that GST agreement. Members, that GST agreement is
fundamental to our continued success. Our ability to continue to drive economic
growth is something we will fight for and we will continue to make sure that WA
gets its fair share, so we can support the infrastructure that supports new
jobs and new investment in this state.
Western Australia continues to be both the economic powerhouse of the nation
and the most responsible financial managers of the nation. Last week we
presented our budget. We basically said that in this very significant time of
global turmoil, we are investing like never before in the economic
infrastructure of this state to create more jobs and make sure WA continues to
manage its finances responsibly, to worry about not
only today but also the future and take care of the future with responsible
financial management together with helping to grow the economy. We have seen
some very good feedback from that budget so far. I refer, initially, to the two
key rating agencies that came out within 24 hours to comment on the state
budget. I quote in relation to Moody's:
Western Australia has built
strong fiscal buffers from recent strength in iron ore prices and robust debt
management such that it can accommodate higher spending without denting overall
fiscal strength. This ensures Western Australia continues to have the lowest
debt burden and highest debt affordability among …
All the states. Despite the
incredible demand we have on spending, and we have significant demands on
spending, we continue to manage the state's finances responsibly. Standard and
Poor's also went out and said:
Western Australia's fiscal
strength continues to set it apart from domestic peers. Solid operating
surpluses, along with a debt burden half that of most east-coast states, enable
it to manage billions in election promises and cost-of-living relief funded in
today's annual budget.
The two rating agencies have
come out to support our fiscal strategy. Of course, it is also about the
economy and that is why we continue to focus on new job generation in this
state.
In relation to the other states,
we have seen a couple of budgets being presented over the past week:
Queensland, New South Wales and Victoria. All of them delivered deficits and
all of them have a lot of commentary about the incredible explosion of debt
across the nation. In relation to the New South Wales budget that was released
today, I have to say that I was very interested to see the New South Wales
Treasurer's focus on economic infrastructure. The New South Wales Treasurer
said something that may sound very similar to something we said:
It's the poles and it's the
pipes and it's not particularly glamorous.
We used the word "sexy",
but "glamourous" is probably a better word to use in the media. We,
again, support economic infrastructure in that state. He was asked to compare
his state to other states. He noted that New South Wales was the second best
performing state after WA. The New South Wales Treasurer quickly added "I
don't really count WA". That is because we are just too far ahead for them
to include in their analysis, members. We are too far ahead and the envy of the
nation, with strong financial management. Yes, we are spending across the state
on economic infrastructure, cost-of-living support and services, while still
maintaining that financial discipline. We will continue along that strategy. Of
course, this does bring again the GST into some debate and we are seeing the
other states, the other commentators, come out after our reduction of our state
budget trying to claw back that GST agreement. Members, that GST agreement is
fundamental to our continued success. Our ability to continue to drive economic
growth is something we will fight for and we will continue to make sure that WA
gets its fair share, so we can support the infrastructure that supports new
jobs and new investment in this state.
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