❓ Mrs Clarke asks the Premier how the government's financial management supports investment in job-creating projects following a credit rating upgrade. The Premier highlights the benefits of the upgrade, criticizes the previous government's financial record, and outlines investments in infrastructure and job creation.
AnsweredQoN 403Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
MOODY'S CREDIT RATING
403. Mrs R.M.J. CLARKE to the Premier:
I refer to the work —
Mr A. Krsticevic interjected.
The SPEAKER : Member for
Carine!
Mrs R.M.J. CLARKE : —
of the McGowan Labor government in securing an upgrade of the state's
credit rating from Moody's credit rating agency. Can the Premier
outline to the house how the McGowan Labor government's responsible
financial management will support its continued record-breaking investment in
job-creating projects and initiatives?
MOODY'S CREDIT RATING
403. Mrs R.M.J. CLARKE to the Premier:
I refer to the work —
Mr A. Krsticevic interjected.
The SPEAKER : Member for
Carine!
Mrs R.M.J. CLARKE : —
of the McGowan Labor government in securing an upgrade of the state's
credit rating from Moody's credit rating agency. Can the Premier
outline to the house how the McGowan Labor government's responsible
financial management will support its continued record-breaking investment in
job-creating projects and initiatives?
AnswerView source ↗
I
thank the member for the question. Last week's announcement by Moody's
that Western Australia will receive a credit rating upgrade is a significant
achievement for not only this government, but also the people of Western Australia.
A higher credit rating means that we have to pay less interest on the debt that
we inherited from the Liberals and Nationals. It is a significant expression of
confidence in the management of the state and the state's economy by an
international credit rating agency. We have been determined to restore the
state's finances since coming to office. We have engaged in responsible
financial management and now we are seeing the benefit of that with an upgrade
of our credit rating. Members might recall that despite record revenues, when
the Liberals and Nationals were in office, they lost a credit rating; in fact,
they lost it twice with Moody's. Last week Moody's said —
The stable outlook reflects the
strong fiscal resolve of the state government following the March 2017
election.
An opposition member interjected.
Mr M. McGOWAN : An opposition member just said ''spin''.
Moody's said this. Members opposite are not very bright.
We have done this without
selling Western Power. We said that we would not do it and we have not done it—and we will not do it. This means an expression of confidence in Western Australia
and it means that from this decision alone we save around $80 million in
interest across the forward estimates, which is on top of the many hundreds of
millions of dollars that we have saved by reducing the debt since we have been
in office. It also means that we have been able to secure important job-creating
projects. The last budget provided $4.2 billion for road projects across the
city and regional Western Australia—Albany ring-road, Bunbury Outer
Ring Road and the Karratha–Tom Price Road. It is true—I admit
it—we fought for and received commonwealth money. We are proud of that!
We got the commonwealth to pay for these things, unlike members opposite who
would not even talk to the commonwealth government when they were in office—and
they are on the same side! We got $4.1 billion for important Metronet projects
across the city.
Mrs A.K. Hayden interjected.
The SPEAKER : Member for Darling Range, I call you to
order for the first time.
Mr M. McGOWAN : Again, Mr Speaker, we got commonwealth
money and we are proud of that. We got the commonwealth to pay for things in Western
Australia, unlike the Liberals and Nationals in office who would not talk to
the commonwealth government. We have launched the $180 million new employer
incentive scheme to help small businesses employ apprentices across the state.
We are delivering a record —
Mr D.C. Nalder interjected.
Mr M. McGOWAN : Another pretender to the throne. The
press should ask the member for Bateman about the Leader of the Opposition.
Maybe they should get him next and we will see what sort of ducking and diving
he does when he is asked the question.
Mr D.C. Nalder interjected.
The SPEAKER : Member for Bateman!
Mr D.C. Nalder interjected.
The SPEAKER : It does not matter; the Premier is on his
feet and you are not.
Mr D.C. Nalder : He is baiting me.
The SPEAKER : Premier, do not bait him, please!
Mr M. McGOWAN : It is hard, Mr Speaker.
We are delivering record investment in tourism, with an
additional $12 million in the budget for international destination marketing. We reinstated funding for the department of
agriculture, which was cut by the Nationals WA when it was in office. We
have ensured that international education has received the attention that it
deserves and we look forward to matching the funding from the universities.
Since we have been office, 44 000 new jobs have been created in Western Australia,
of which 30 000 are full-time. We have the highest participation rate in the
nation by a long way. If our participation rate was the same as the other
states, obviously we would have one of the lowest unemployment rates in the
nation. None of these things are possible without good financial management.
The Moody's credit rating upgrade shows that under this government, Western
Australia is getting back on track. It reflects the strong fiscal resolve of
this government to get Western Australia back to where it should be, and we are
getting rewards for that now.
thank the member for the question. Last week's announcement by Moody's
that Western Australia will receive a credit rating upgrade is a significant
achievement for not only this government, but also the people of Western Australia.
A higher credit rating means that we have to pay less interest on the debt that
we inherited from the Liberals and Nationals. It is a significant expression of
confidence in the management of the state and the state's economy by an
international credit rating agency. We have been determined to restore the
state's finances since coming to office. We have engaged in responsible
financial management and now we are seeing the benefit of that with an upgrade
of our credit rating. Members might recall that despite record revenues, when
the Liberals and Nationals were in office, they lost a credit rating; in fact,
they lost it twice with Moody's. Last week Moody's said —
The stable outlook reflects the
strong fiscal resolve of the state government following the March 2017
election.
An opposition member interjected.
Mr M. McGOWAN : An opposition member just said ''spin''.
Moody's said this. Members opposite are not very bright.
We have done this without
selling Western Power. We said that we would not do it and we have not done it—and we will not do it. This means an expression of confidence in Western Australia
and it means that from this decision alone we save around $80 million in
interest across the forward estimates, which is on top of the many hundreds of
millions of dollars that we have saved by reducing the debt since we have been
in office. It also means that we have been able to secure important job-creating
projects. The last budget provided $4.2 billion for road projects across the
city and regional Western Australia—Albany ring-road, Bunbury Outer
Ring Road and the Karratha–Tom Price Road. It is true—I admit
it—we fought for and received commonwealth money. We are proud of that!
We got the commonwealth to pay for these things, unlike members opposite who
would not even talk to the commonwealth government when they were in office—and
they are on the same side! We got $4.1 billion for important Metronet projects
across the city.
Mrs A.K. Hayden interjected.
The SPEAKER : Member for Darling Range, I call you to
order for the first time.
Mr M. McGOWAN : Again, Mr Speaker, we got commonwealth
money and we are proud of that. We got the commonwealth to pay for things in Western
Australia, unlike the Liberals and Nationals in office who would not talk to
the commonwealth government. We have launched the $180 million new employer
incentive scheme to help small businesses employ apprentices across the state.
We are delivering a record —
Mr D.C. Nalder interjected.
Mr M. McGOWAN : Another pretender to the throne. The
press should ask the member for Bateman about the Leader of the Opposition.
Maybe they should get him next and we will see what sort of ducking and diving
he does when he is asked the question.
Mr D.C. Nalder interjected.
The SPEAKER : Member for Bateman!
Mr D.C. Nalder interjected.
The SPEAKER : It does not matter; the Premier is on his
feet and you are not.
Mr D.C. Nalder : He is baiting me.
The SPEAKER : Premier, do not bait him, please!
Mr M. McGOWAN : It is hard, Mr Speaker.
We are delivering record investment in tourism, with an
additional $12 million in the budget for international destination marketing. We reinstated funding for the department of
agriculture, which was cut by the Nationals WA when it was in office. We
have ensured that international education has received the attention that it
deserves and we look forward to matching the funding from the universities.
Since we have been office, 44 000 new jobs have been created in Western Australia,
of which 30 000 are full-time. We have the highest participation rate in the
nation by a long way. If our participation rate was the same as the other
states, obviously we would have one of the lowest unemployment rates in the
nation. None of these things are possible without good financial management.
The Moody's credit rating upgrade shows that under this government, Western
Australia is getting back on track. It reflects the strong fiscal resolve of
this government to get Western Australia back to where it should be, and we are
getting rewards for that now.
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