❓ Ms. Davies questions the Treasurer on acceptable net debt levels given rising debt projections. The Treasurer deflects, highlighting past Liberal-National government debt and praising the current government's financial management and credit ratings.
AnsweredQoN 508Legislative Assembly
QuestionView source ↗
NET DEBT — 2021–22 STATE BUDGET
508. Ms M.J. DAVIES to the Treasurer:
I have a supplementary question.
Given the Treasurer's own budget papers show net debt rising over the
forward estimates, can he advise what level of net debt is acceptable now that
he is in government, not opposition?
508. Ms M.J. DAVIES to the Treasurer:
I have a supplementary question.
Given the Treasurer's own budget papers show net debt rising over the
forward estimates, can he advise what level of net debt is acceptable now that
he is in government, not opposition?
AnswerView source ↗
I
can advise what Mr Steve Thomas, the Leader of the Opposition in the upper house
under the alliance arrangement , had to say on 21 February 2018. He said —
I
apologise to the people of the south west for the financial outcomes that they've
been left with. It's probably multigenerational debt that'll
have to be paid back by our children and grandchildren.
He was referring to the Liberal–National
term in government. The Liberal–National leader in the upper house had
a burst of honesty and admitted to the former government's shocking
financial management when in office, for which
we will continue to remind members. I want to remind members that we are the
only government in Australia paying down debt. We are the only
government that prior to COVID was paying down debt. We have the best financial situation of any state in Australia.
When we compare the net-debt-to-revenue ratio, Western Australia, prior to the arrival in office of this government, was the worst in Australia, and
now we are the best in Australia. I want to quote to members what some of the
credit rating agencies have had to say. These are independent international
observers of these matters. They look at what governments around the world are
doing. They have had this to say about these matters. I quote Standard and Poor's
—
Western Australia's � fiscal
performance continues to outpace the rest of the nation.
Moody's noted —
� the effective management of the
pandemic in Western Australia, underscore the stark contrast between the Western
Australian economy and its domestic peers �
It is very interesting that it had
something to say about the last government when it was in office. This is Moody's, not a Labor front organisation, I assure
members. It referred to the former government's lack of fiscal resolve
and weak policy response to the deteriorating financial and debt
position. Standard and Poor's said that the last government had limited
political will to be fiscally responsible. In other words, the credit rating
agencies have analysed both teams when in
office. They basically said that the Labor government is far better at managing
the finances than the Liberal–National government. That probably
explains why there are six sad Liberal and National Party members out of 59 sitting
in this chamber.
can advise what Mr Steve Thomas, the Leader of the Opposition in the upper house
under the alliance arrangement , had to say on 21 February 2018. He said —
I
apologise to the people of the south west for the financial outcomes that they've
been left with. It's probably multigenerational debt that'll
have to be paid back by our children and grandchildren.
He was referring to the Liberal–National
term in government. The Liberal–National leader in the upper house had
a burst of honesty and admitted to the former government's shocking
financial management when in office, for which
we will continue to remind members. I want to remind members that we are the
only government in Australia paying down debt. We are the only
government that prior to COVID was paying down debt. We have the best financial situation of any state in Australia.
When we compare the net-debt-to-revenue ratio, Western Australia, prior to the arrival in office of this government, was the worst in Australia, and
now we are the best in Australia. I want to quote to members what some of the
credit rating agencies have had to say. These are independent international
observers of these matters. They look at what governments around the world are
doing. They have had this to say about these matters. I quote Standard and Poor's
—
Western Australia's � fiscal
performance continues to outpace the rest of the nation.
Moody's noted —
� the effective management of the
pandemic in Western Australia, underscore the stark contrast between the Western
Australian economy and its domestic peers �
It is very interesting that it had
something to say about the last government when it was in office. This is Moody's, not a Labor front organisation, I assure
members. It referred to the former government's lack of fiscal resolve
and weak policy response to the deteriorating financial and debt
position. Standard and Poor's said that the last government had limited
political will to be fiscally responsible. In other words, the credit rating
agencies have analysed both teams when in
office. They basically said that the Labor government is far better at managing
the finances than the Liberal–National government. That probably
explains why there are six sad Liberal and National Party members out of 59 sitting
in this chamber.
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