❓ Opposition questions the Treasurer on rising state debt, referencing past concerns. The Treasurer avoids direct answers, focusing on a debt target and criticising the previous government's financial management.
AnsweredQoN 760Legislative Assembly
QuestionView source ↗
STATE NET DEBT — MANAGEMENT PLAN
I refer to the fact that debt has trebled in this state in the past two years, and I refer to the Treasurer’s additional fiscal strategy to keep state net debt below $20 billion and to the Treasurer’s comments in the Parliament in 2003 that “ what really matters is how much is owed, when it will be paid back and the interest bill”. (1) When does the Treasurer anticipate that state net debt will peak under his government? (2) How much ultimately will be owed? (3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT
I refer to the fact that debt has trebled in this state in the past two years, and I refer to the Treasurer’s additional fiscal strategy to keep state net debt below $20 billion and to the Treasurer’s comments in the Parliament in 2003 that “ what really matters is how much is owed, when it will be paid back and the interest bill”. (1) When does the Treasurer anticipate that state net debt will peak under his government? (2) How much ultimately will be owed? (3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT
AnswerView source ↗
Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(1) When does the Treasurer anticipate that state net debt will peak under his government? (2) How much ultimately will be owed? (3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(2) How much ultimately will be owed? (3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(1) When does the Treasurer anticipate that state net debt will peak under his government? (2) How much ultimately will be owed? (3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(2) How much ultimately will be owed? (3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(3) When will the debt be paid back? (4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(4) What is the annual amount of interest he is willing to allow the people of Western Australia to bear? (5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(5) Will the Treasurer include a debt management plan in his upcoming midyear review? Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT replied: Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Come to an economics tutorial and I will take you through it. (1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
(1)–(5) I have said that the objective of this — Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mrs M.H. Roberts : So arrogant. Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Is that the member’s slogan for the day? Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : Just answer the question. Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : I am trying to, member for Victoria Park, but the member’s friend over there — Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : Focus, Premier; focus. Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mrs M.H. Roberts : At least I treat my family properly. Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Oh, charming. Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Several members interjected. The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Members, if you want question time to continue—I said this yesterday — Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr M.P. Whitely interjected. The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : I formally call you to order for the second time today, member for Bassendean. I am going to give the Premier the call to answer this question. Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : I have stated that the objective of this government is to contain net debt to below $20 billion. I have discussed that with credit rating agencies. They see it as a good rule of thumb. With respect to servicing costs of debt, look at the budget papers. It is all there. Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : What is the maximum amount? That’s what you were focused on in 2003. What is the maximum amount of interest — Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Mr Speaker — The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Member for Victoria Park! Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : If the member for Victoria Park thinks it through, if the objective is to keep the net debt below $20 billion — Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper : If it goes to $20 billion, it would have gone up five times since you came in. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : The Leader of the Opposition failed in his role. Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper : It has gone up five times and you think you’re a success. Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : The Leader of the Opposition, when Treasurer, had an enormous surge in commodity prices, he had a huge flow of property income, and what legacy did he leave? Nothing. He left no legacy. He squandered a commodity price boom. He failed to deliver tangible benefits to the people of Western Australia. He wrecked the electricity industry, and the people of Western Australia passed judgement on him in September 2008. Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Member for Victoria Park—probably about to be Leader of the Opposition the way this one is going — Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : Just answer the question, Premier. Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : I am trying to, but the member’s friends keep interrupting. They have bad manners. Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Several members interjected. The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Members! Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : It is absurd, Mr Speaker—absolutely absurd. As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
As I said, the objective is to retain total debt to $20 billion. The actual interest burden will depend on the structure of that debt and interest rates. Does the member grasp that? Yes, he does; I know he does. So the member should look at the budget papers, and he might take what the current interest servicing cost is, and what the current debts are, and extrapolate if he wants—multiply by 20 over a factor of what the level of debt is. He could do that — Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper interjected. Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : No, I do not know the interest servicing charge off the top of my head; I do not. Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr B.S. Wyatt : You were worried about it back in 2003 but you’re not focused on it now that you are actually the Treasurer. Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : The target is to retain debt below $20 billion. If we do that — Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
The SPEAKER : Leader of the Opposition! Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : — it will mean that the state is in a good position. Yes, we are borrowing, because we are building schools, we are building hospitals, and we are building infrastructure. We are developing the Ord River. We are about to, hopefully, develop the West Kimberley region. This state is moving forward, and the public of Western Australia will see tangible results. We are going to sink the railway through Perth—something that the previous government talked about but could not do. We are going to develop the waterfront. Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr F.M. Logan : Are you going to pay for it? Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Yes, we are. And mark my words: it will happen. Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr F.M. Logan : You’re gonna! Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : No, because very soon we will be signing the agreement for the demolition and the clearing of the site for the sinking of the rail line. We have already done about 150 drill holes. Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr J.N. Hyde : And the busport? Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
Mr C.J. BARNETT : Yes, and sinking the busport too—something that the previous government thought about too late. And we are seeing major investments. We are seeing a rectangular stadium, admittedly staged, and we are seeing upgrades to other facilities in this state. For however long this government lasts, there will be a wonderful legacy to the people of Western Australia in education, in health, in sport and in the arts. What was the previous government’s legacy? It could not even think of three things in the election campaign.
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Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.