❓ Mr. Wyatt questions the Treasurer on the timing of the Loan Bill 2015, given the known deterioration of the government's cash position. The Treasurer explains the delay was due to further revenue decline and the need for accurate budget context.
AnsweredQoN 304Legislative Assembly
QuestionView source ↗
STATE FINANCES — LOAN BILL 2015
304. Mr B.S. WYATT to the
Treasurer:
I refer to the Loan Bill 2015, which seeks authority to
borrow a further $8 billion for the general government sector and to the fact
that today the government will seek to have that bill declared urgent. I also
refer to page 103 of the Government
Mid-year Financial Projections Statement , which notes a $1 billion
deterioration in the cash position of the general government sector between the
budget and the midyear review. Given that it was clear that there had been a
significant deterioration in the cash position of the general government
sector, why did the government wait so long before bringing the Loan Bill
before Parliament that it now has to be declared urgent?
304. Mr B.S. WYATT to the
Treasurer:
I refer to the Loan Bill 2015, which seeks authority to
borrow a further $8 billion for the general government sector and to the fact
that today the government will seek to have that bill declared urgent. I also
refer to page 103 of the Government
Mid-year Financial Projections Statement , which notes a $1 billion
deterioration in the cash position of the general government sector between the
budget and the midyear review. Given that it was clear that there had been a
significant deterioration in the cash position of the general government
sector, why did the government wait so long before bringing the Loan Bill
before Parliament that it now has to be declared urgent?
AnswerView source ↗
I thank the member for the question. Between the handing down
of the last year and now, we have lost in the vicinity of 12 per cent of our
revenue. In the absence of that loss, we would not have had to introduce the
Loan Bill 2015. In both an October statement and the midyear review, we
announced a substantial deterioration in our revenue position. That
deterioration has accelerated and, therefore, the magnitude of the Loan Bill—the
amount required—had to be revised and put in the context of the
requirements of the day and the best information of the day. We were advised
that the best thing to do was to make sure how much we were going to need in
the context of the budget and to have better information about our revenue
flows, which is what we have done.
of the last year and now, we have lost in the vicinity of 12 per cent of our
revenue. In the absence of that loss, we would not have had to introduce the
Loan Bill 2015. In both an October statement and the midyear review, we
announced a substantial deterioration in our revenue position. That
deterioration has accelerated and, therefore, the magnitude of the Loan Bill—the
amount required—had to be revised and put in the context of the
requirements of the day and the best information of the day. We were advised
that the best thing to do was to make sure how much we were going to need in
the context of the budget and to have better information about our revenue
flows, which is what we have done.
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