❓ Mr. Nalder questions the Treasurer about a reported increase in personal insolvencies in WA, linking it to cost-of-living increases. The Treasurer acknowledges the increase, attributing it to the previous government's economic contraction and highlighting current job creation efforts.
AnsweredQoN 946Legislative Assembly
QuestionView source ↗
PERSONAL INSOLVENCIES
946. Mr D.C. NALDER to the Treasurer:
Before
I ask my question, I would like to recognise Allison Ferguson in the gallery,
who is a student leader from All Saints' College in the member for
Riverton's electorate, and the year 9 boys from Christ Church Grammar
School in the member for Cottesloe's electorate.
I refer to the impact that the
Treasurer's $700 cost-of-living increases are having on discretionary
expenditure and the flow-on impacts. Is the Treasurer aware that statistics from
the Australian Financial Security Authority reveal that personal insolvencies
for struggling Western Australians has increased 12.9 per cent in the past 12 months
to 4 020, which is the highest on record?
946. Mr D.C. NALDER to the Treasurer:
Before
I ask my question, I would like to recognise Allison Ferguson in the gallery,
who is a student leader from All Saints' College in the member for
Riverton's electorate, and the year 9 boys from Christ Church Grammar
School in the member for Cottesloe's electorate.
I refer to the impact that the
Treasurer's $700 cost-of-living increases are having on discretionary
expenditure and the flow-on impacts. Is the Treasurer aware that statistics from
the Australian Financial Security Authority reveal that personal insolvencies
for struggling Western Australians has increased 12.9 per cent in the past 12 months
to 4 020, which is the highest on record?
AnswerView source ↗
I thank the member for the question.
I am aware. Historically, insolvencies in Western Australia, be they personal
or corporate, have generally been higher than the rest of the country. Going
back decades, that has often been the case because we have larger numbers of
small businesses and registered corporations. I am aware of those stats.
Unsurprisingly, after
coming through a period of economic contraction left to us by the former
Liberal government— the first economic contraction on record—that
has an impact on insolvencies around Western Australia. That is the reality.
The best thing we can do to ensure those growth rates decline is to create
jobs. That is what we have been doing. Forty-eight thousand jobs have been
created since we came into government as opposed to the last 12 months of the
former government when 17 000 jobs were lost out of the economy. It probably
had a bit to do with that increase in personal insolvencies, member for
Bateman, the fact that the former government smashed the job market here in Western
Australia. We are doing a lot now to create jobs to ensure that Western Australians
have a much brighter future. All the data the Premier just talked about and all
the data we are now seeing on a daily basis, including the fact this state is
now out of the recession that was left to us by the former Liberal government,
means that insolvencies, I dare say, over time will start to decline.
I am aware. Historically, insolvencies in Western Australia, be they personal
or corporate, have generally been higher than the rest of the country. Going
back decades, that has often been the case because we have larger numbers of
small businesses and registered corporations. I am aware of those stats.
Unsurprisingly, after
coming through a period of economic contraction left to us by the former
Liberal government— the first economic contraction on record—that
has an impact on insolvencies around Western Australia. That is the reality.
The best thing we can do to ensure those growth rates decline is to create
jobs. That is what we have been doing. Forty-eight thousand jobs have been
created since we came into government as opposed to the last 12 months of the
former government when 17 000 jobs were lost out of the economy. It probably
had a bit to do with that increase in personal insolvencies, member for
Bateman, the fact that the former government smashed the job market here in Western
Australia. We are doing a lot now to create jobs to ensure that Western Australians
have a much brighter future. All the data the Premier just talked about and all
the data we are now seeing on a daily basis, including the fact this state is
now out of the recession that was left to us by the former Liberal government,
means that insolvencies, I dare say, over time will start to decline.
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