❓ Ms. Freeman asks about the McGowan government's economic plan. The Treasurer responds by criticising the previous government's economic performance and highlighting positive commentary from the Property Council and Australian Retailers Association.
AnsweredQoN 26Legislative Assembly
QuestionView source ↗
STATE ECONOMY
26. Ms J.M. FREEMAN to the Treasurer:
(1) Can the
Treasurer update the house on how the McGowan Labor government's
economic plan is providing certainty to business, creating jobs and growing the
economy?
(2) Can the Treasurer advise the house of any recent
commentary on the plan and its impact on the state's economy?
26. Ms J.M. FREEMAN to the Treasurer:
(1) Can the
Treasurer update the house on how the McGowan Labor government's
economic plan is providing certainty to business, creating jobs and growing the
economy?
(2) Can the Treasurer advise the house of any recent
commentary on the plan and its impact on the state's economy?
AnswerView source ↗
I thank the member for Mirrabooka
for that very good question.
(1)–(2) Over the summer I enjoyed some of the
pontifications from members of the opposition; in particular, the Leader of the
Opposition. In a range of different forums he articulated a few complaints. I think
the best one—one of my favourites—was when the Leader of the
Opposition said on the radio, according to my notes —
The real problem with the Premier is
he talks and talks the economy up. What counts is a real economic plan. He
doesn't have them. The emperor has been caught without his clothes.
Some people are clapping but it is becoming obvious that he is naked.
Setting aside that imagery for just
a second, if I can, Premier, I think some people are indeed clapping about what
is going on in Western Australia. I want to quote a couple of people. The
Property Council of Australia is clapping. In a very recent media release the
Property Council stated —
A poll of 841 people in December 2018
has found that people are pleased with the way the McGowan State Government is
performing but are polarized on their expectations around property prices for
2019.
The survey found that confidence in
the State Government's efforts to pay down debt and invest in
infrastructure was being well received.
Several members interjected.
The SPEAKER : Members!
Mr B.S. WYATT : What about
Russell Zimmerman from the Australian Retailers Association?
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the
Opposition, I heard you the first three times.
Mr B.S. WYATT : He is clapping
because when he commented on the recent strong growth in WA retail turnover he
said, according to my notes —
It's the strongest growth
year on year that we have seen since July 2017, so a long time since we have
seen such growth out of Western Australia and certainly very good, and I think
that it's a sign that people are very confident and happy with the
economy in Western Australia.
Of course, WA businesses are also
clapping because business confidence is at its highest level in six years.
Several members interjected.
The SPEAKER : Members, I want to hear the answer.
Mr B.S. WYATT : I remind people in this place that
business confidence at the end of the former government was at the same level
as it was during the global financial crisis. When businesses were asked, ''Do
you prefer the economic management of the Liberal–National government
or do you prefer global Armageddon?'' they chose global Armageddon! That
was the reality of business confidence when the now Leader of the Opposition
was Treasurer. I want to reflect, because what the economic plan of the Labor
government certainly is not, and I take an example by looking at the former
government and doing everything opposite to that—I have borrowed from
George Costanza, if you like—what we will not be doing is turning a structural
surplus into a structural deficit. We are running at deficits of about $2.5 billion
a year. I will not be taking $3.7 billion in debt and turning it into nearly
$42 billion in debt. I will not, hopefully, be doing what the Leader of the
Opposition did when he was Treasurer. That is, at no point during his time as
Treasurer did he preside over domestic economic growth—at no point.
Every year that he was Treasurer our domestic economy contracted. The pi�ce de
resistance of the former government's economic plan of course was the
one single recession on WA's record in the final year of the Liberal–National
government. That is the economic plan that I look to to ensure that I do the
complete opposite.
As we all know, economic growth comes along in fits and
starts, so when we come out of what has been a complete wrecking ball that was
the Liberal–National government, the economic plan being delivered by
the McGowan Labor government is working.
Members will see it work here and there. It will take time, and the budget is
predicting this pretty accurately. But I will say this: people are
clapping because they are seeing a government with the discipline to bring
spending under control, with the discipline to ensure that debt starts to
reduce and not increase to $42 billion a year, and also a government that is
serious about providing services across Western Australia.
Mr D.C. Nalder interjected.
The SPEAKER : Member for Bateman, I heard you the first
time.
Mr B.S. WYATT : The McGowan Labor government's
economic plan is working. Certainly, when we go from a situation of economic
recession—the Liberal Party's economic recession, the only one
on record—and finally return to growth, that is the reason all those
organisations are very happy with the management of this government.
for that very good question.
(1)–(2) Over the summer I enjoyed some of the
pontifications from members of the opposition; in particular, the Leader of the
Opposition. In a range of different forums he articulated a few complaints. I think
the best one—one of my favourites—was when the Leader of the
Opposition said on the radio, according to my notes —
The real problem with the Premier is
he talks and talks the economy up. What counts is a real economic plan. He
doesn't have them. The emperor has been caught without his clothes.
Some people are clapping but it is becoming obvious that he is naked.
Setting aside that imagery for just
a second, if I can, Premier, I think some people are indeed clapping about what
is going on in Western Australia. I want to quote a couple of people. The
Property Council of Australia is clapping. In a very recent media release the
Property Council stated —
A poll of 841 people in December 2018
has found that people are pleased with the way the McGowan State Government is
performing but are polarized on their expectations around property prices for
2019.
The survey found that confidence in
the State Government's efforts to pay down debt and invest in
infrastructure was being well received.
Several members interjected.
The SPEAKER : Members!
Mr B.S. WYATT : What about
Russell Zimmerman from the Australian Retailers Association?
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the
Opposition, I heard you the first three times.
Mr B.S. WYATT : He is clapping
because when he commented on the recent strong growth in WA retail turnover he
said, according to my notes —
It's the strongest growth
year on year that we have seen since July 2017, so a long time since we have
seen such growth out of Western Australia and certainly very good, and I think
that it's a sign that people are very confident and happy with the
economy in Western Australia.
Of course, WA businesses are also
clapping because business confidence is at its highest level in six years.
Several members interjected.
The SPEAKER : Members, I want to hear the answer.
Mr B.S. WYATT : I remind people in this place that
business confidence at the end of the former government was at the same level
as it was during the global financial crisis. When businesses were asked, ''Do
you prefer the economic management of the Liberal–National government
or do you prefer global Armageddon?'' they chose global Armageddon! That
was the reality of business confidence when the now Leader of the Opposition
was Treasurer. I want to reflect, because what the economic plan of the Labor
government certainly is not, and I take an example by looking at the former
government and doing everything opposite to that—I have borrowed from
George Costanza, if you like—what we will not be doing is turning a structural
surplus into a structural deficit. We are running at deficits of about $2.5 billion
a year. I will not be taking $3.7 billion in debt and turning it into nearly
$42 billion in debt. I will not, hopefully, be doing what the Leader of the
Opposition did when he was Treasurer. That is, at no point during his time as
Treasurer did he preside over domestic economic growth—at no point.
Every year that he was Treasurer our domestic economy contracted. The pi�ce de
resistance of the former government's economic plan of course was the
one single recession on WA's record in the final year of the Liberal–National
government. That is the economic plan that I look to to ensure that I do the
complete opposite.
As we all know, economic growth comes along in fits and
starts, so when we come out of what has been a complete wrecking ball that was
the Liberal–National government, the economic plan being delivered by
the McGowan Labor government is working.
Members will see it work here and there. It will take time, and the budget is
predicting this pretty accurately. But I will say this: people are
clapping because they are seeing a government with the discipline to bring
spending under control, with the discipline to ensure that debt starts to
reduce and not increase to $42 billion a year, and also a government that is
serious about providing services across Western Australia.
Mr D.C. Nalder interjected.
The SPEAKER : Member for Bateman, I heard you the first
time.
Mr B.S. WYATT : The McGowan Labor government's
economic plan is working. Certainly, when we go from a situation of economic
recession—the Liberal Party's economic recession, the only one
on record—and finally return to growth, that is the reason all those
organisations are very happy with the management of this government.
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