❓ Treasurer Ripper confirms WA's economic leadership, citing growth, commodity prices, and low unemployment, while contrasting it with other states and cautioning against complacency and potential risks from the opposition.
AnsweredQoN 622Legislative Assembly
QuestionView source ↗
Will the Treasurer confirm that respected economists across the country have established that the Western Australian economy is leading the nation? Mr E.S. RIPPER
AnswerView source ↗
I can indeed confirm that because Western Australia has had nearly five years of success under the Gallop government. Our growth rate is ticking over at more than five per cent a year. We have high commodity prices and population growth is driving our housing industry. We are the powerhouse of the Australian economy. Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Mr E.S. RIPPER replied: I can indeed confirm that because Western Australia has had nearly five years of success under the Gallop government. Our growth rate is ticking over at more than five per cent a year. We have high commodity prices and population growth is driving our housing industry. We are the powerhouse of the Australian economy. Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
I can indeed confirm that because Western Australia has had nearly five years of success under the Gallop government. Our growth rate is ticking over at more than five per cent a year. We have high commodity prices and population growth is driving our housing industry. We are the powerhouse of the Australian economy. Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Mr E.S. RIPPER replied: I can indeed confirm that because Western Australia has had nearly five years of success under the Gallop government. Our growth rate is ticking over at more than five per cent a year. We have high commodity prices and population growth is driving our housing industry. We are the powerhouse of the Australian economy. Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
I can indeed confirm that because Western Australia has had nearly five years of success under the Gallop government. Our growth rate is ticking over at more than five per cent a year. We have high commodity prices and population growth is driving our housing industry. We are the powerhouse of the Australian economy. Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Several members interjected. The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
The SPEAKER : Order, members! I call the member for Vasse to order. It is inappropriate for members to talk when the Treasurer is speaking about my electorate producing so much! Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Mr E.S. RIPPER : Indeed, Mr Speaker, your electorate is leading the state that is leading the nation in economic growth. I expect that you have a close knowledge of what is going on in the Western Australian economy. Access Economics has also examined this issue. It has stated that, when times are good, Western Australia motors along at speed and, right now, times are bloody beautiful. I am not sure whether “bloody beautiful” is a technical economic term. However, that is certainly the term used by Access Economics. Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
Let us look at how we compare with other states. Western Australia’s unemployment rate is just 4.1 per cent, which is the lowest in the nation. The state’s exports are at a record high. This state accounts for 31.2 per cent of the nation’s exports. Many of them are from a very important electorate in the north west of the state. On the other hand, Queensland’s contribution is just 23.1 per cent. Since the issue of Queensland has arisen in the past 24 hours, let us have another look. Housing finance for investors in Western Australia has increased 27.6 per cent, but in Queensland it is down 10.5 per cent. In comparing Western Australia with other states, Access Economics states that New South Wales is slumping, Victoria is easing and Queensland is subdued. However, Western Australia’s housing sector is tearing it up. How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
How this must gall the opposition. Members opposite hate good news; they hate it when Western Australia is doing well under Labor. However, there is one issue on which I disagree with Access Economics; it is an omission rather than a direct criticism. Access Economics points out that there is no room for complacency in economic management. It points out that we should be cautious about relying too heavily on one market. That is why it is important that the Premier has recently visited India. We need to diversify beyond China. I agree with Access Economics that we must also plan for the probability that there will be a downturn in commodity prices. The one thing that is missing from the Access Economics analysis is the identification of another risk. The other risk is the possibility that the mob opposite could be re-elected. Look at its record in government. When we came to power, the economy was contracting and the then government had run five budget deficits out of eight. It would be a serious risk to our economy for an opposition with that record and led by a leader still on his L-plates to come to power.
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