❓ Question regarding WA's credit rating upgrades under the current Labor government, with the Treasurer highlighting improvements since 2017 and contrasting them with the previous Liberal-National government's performance. The Treasurer also digresses to comment on a recent by-election.
AnsweredQoN 450Legislative Assembly
QuestionView source ↗
STATE FINANCES
450. Ms K.E. GIDDENS to the Treasurer:
I refer to this WA Labor government's
record of prudent, stable management of this state's finances. Can the
Treasurer advise the house how credit rating agencies have responded to this
government's responsible financial management, including the recent
announcement by Moody's, and outline how this performance compares with
that of the Liberal and National Parties?
450. Ms K.E. GIDDENS to the Treasurer:
I refer to this WA Labor government's
record of prudent, stable management of this state's finances. Can the
Treasurer advise the house how credit rating agencies have responded to this
government's responsible financial management, including the recent
announcement by Moody's, and outline how this performance compares with
that of the Liberal and National Parties?
AnswerView source ↗
I
thank the member for the question. Of course, when we came to government in
2017, the finances were an absolute shambles. There were operating
deficits, debt —
Mr R.S. Love interjected.
The SPEAKER : Leader of the
Opposition, you did not ask this question. The Treasurer is responding to the
member for Bateman.
Ms R. SAFFIOTI : Debt was
spiralling out of control. Of course, there were two cabinet processes—those
of both the Nationals WA and the Liberal
Party—as there is now in opposition. There were two cabinet processes.
No wonder they lost the AAA credit rating! Of course, since 2017, we
have reshaped the state's finances, secured a fair share of our GST and
managed our finances sensibly. That is why, in June last year, Standard and
Poor's upgraded our credit rating back to AAA. Of course, in July this
year, Moody's returned our credit rating to AAA. We are the only state
or territory to have a AAA credit rating by both Moody's and S&P.
In commentary, Moody's said —
� governance has strengthened
considerably over the past five years, including strong expenditure controls as
well as the introduction of robust and conservative budgeting protocols �
Even the rating agencies said that
members opposite ran two separate cabinet processes. Of course, just recently,
S&P talked about Western Australia outperforming its domestic peers, as
well as most comparable German and Canadian peers at the state or provincial
level. We are recognised as not only being the best in the nation, but also
leading our counterparts across the world. We are seeing net debt fall, which
is saving money, with $4.3 billion being saved in interest payments. I acknowledge
the cabinet —
Ms L. Mettam : Largest boom in
the state's history!
Ms R. SAFFIOTI : I am glad the
Leader of the Liberal Party interjected on this one, because we are very proud of our achievements in government, but I note that
the Leader of the Liberal Party is very proud of her achievements . I saw
her on the night of the Rockingham by-election claiming victory in that
by-election. ''Tonight, what an outstanding win for the Liberal Party!''
said the Leader of the Liberal Party. I recall being at the by-election party
of Magenta Marshall, who won the seat, so I was slightly confused that the
Leader of the Liberal Party actually claimed victory.
Mr W.J. Johnston : They got 17
per cent of the vote.
Ms R. SAFFIOTI : The Liberal
Party got 17.8 per cent of the primary vote. I was thinking: what does this
remind me of? As members know, I am a proud parent. My kids do a lot of sport.
Sometimes they win; sometimes they come home with a participation certificate
and say, ''I ran in a race today, mum!'' I say, ''That's
really, really good.'' But do members know what? I do not boast about it
on state TV and Facebook. Members opposite are boasting about the equivalent of
an ''I ran a race'' ribbon that participants get at a sports
carnival! But just as they did with the Darling Range by-election, when they
extrapolated theories and came in here and attacked us, they went out and ran a
negative campaign. They basically helped the independent candidate with all
their staffing, and they could not even get to second place. As I said, I am
happy that the member is claiming victory on that, because the interpretation
of these by-elections means a lot going into the next election. If the Leader
of the Liberal Party is claiming victory, we are all content with an
extrapolation of that event!
Visitors — West Perth
Football Club and Swan Districts Football Club
The SPEAKER : Just before I take
the next question—I will give you the call shortly, Leader of the
Opposition—on behalf of the member for Scarborough and also the member
for Bassendean, I welcome delegations from the West Perth Football Club and the
mighty Swan Districts Football Club to the gallery today to celebrate the Pride
games that both clubs are hosting during August, which is a first for the West
Australian Football League. Congratulations and welcome to the gallery today.
Members : Hear, hear!
[Applause.]
thank the member for the question. Of course, when we came to government in
2017, the finances were an absolute shambles. There were operating
deficits, debt —
Mr R.S. Love interjected.
The SPEAKER : Leader of the
Opposition, you did not ask this question. The Treasurer is responding to the
member for Bateman.
Ms R. SAFFIOTI : Debt was
spiralling out of control. Of course, there were two cabinet processes—those
of both the Nationals WA and the Liberal
Party—as there is now in opposition. There were two cabinet processes.
No wonder they lost the AAA credit rating! Of course, since 2017, we
have reshaped the state's finances, secured a fair share of our GST and
managed our finances sensibly. That is why, in June last year, Standard and
Poor's upgraded our credit rating back to AAA. Of course, in July this
year, Moody's returned our credit rating to AAA. We are the only state
or territory to have a AAA credit rating by both Moody's and S&P.
In commentary, Moody's said —
� governance has strengthened
considerably over the past five years, including strong expenditure controls as
well as the introduction of robust and conservative budgeting protocols �
Even the rating agencies said that
members opposite ran two separate cabinet processes. Of course, just recently,
S&P talked about Western Australia outperforming its domestic peers, as
well as most comparable German and Canadian peers at the state or provincial
level. We are recognised as not only being the best in the nation, but also
leading our counterparts across the world. We are seeing net debt fall, which
is saving money, with $4.3 billion being saved in interest payments. I acknowledge
the cabinet —
Ms L. Mettam : Largest boom in
the state's history!
Ms R. SAFFIOTI : I am glad the
Leader of the Liberal Party interjected on this one, because we are very proud of our achievements in government, but I note that
the Leader of the Liberal Party is very proud of her achievements . I saw
her on the night of the Rockingham by-election claiming victory in that
by-election. ''Tonight, what an outstanding win for the Liberal Party!''
said the Leader of the Liberal Party. I recall being at the by-election party
of Magenta Marshall, who won the seat, so I was slightly confused that the
Leader of the Liberal Party actually claimed victory.
Mr W.J. Johnston : They got 17
per cent of the vote.
Ms R. SAFFIOTI : The Liberal
Party got 17.8 per cent of the primary vote. I was thinking: what does this
remind me of? As members know, I am a proud parent. My kids do a lot of sport.
Sometimes they win; sometimes they come home with a participation certificate
and say, ''I ran in a race today, mum!'' I say, ''That's
really, really good.'' But do members know what? I do not boast about it
on state TV and Facebook. Members opposite are boasting about the equivalent of
an ''I ran a race'' ribbon that participants get at a sports
carnival! But just as they did with the Darling Range by-election, when they
extrapolated theories and came in here and attacked us, they went out and ran a
negative campaign. They basically helped the independent candidate with all
their staffing, and they could not even get to second place. As I said, I am
happy that the member is claiming victory on that, because the interpretation
of these by-elections means a lot going into the next election. If the Leader
of the Liberal Party is claiming victory, we are all content with an
extrapolation of that event!
Visitors — West Perth
Football Club and Swan Districts Football Club
The SPEAKER : Just before I take
the next question—I will give you the call shortly, Leader of the
Opposition—on behalf of the member for Scarborough and also the member
for Bassendean, I welcome delegations from the West Perth Football Club and the
mighty Swan Districts Football Club to the gallery today to celebrate the Pride
games that both clubs are hosting during August, which is a first for the West
Australian Football League. Congratulations and welcome to the gallery today.
Members : Hear, hear!
[Applause.]
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