❓ Hon. Norman Moore questions the Treasurer regarding the state's budget sector net debt and the use of budget surpluses. The Treasurer confirms the elimination of net debt in 2003-04 and explains how surpluses have been used to repay gross borrowings, including those related to the New MetroRail project.
AnsweredQoN 274Legislative Council
QuestionView source ↗
STATE BUDGET SECTOR - NET DEBT
(1) Is it correct that the state’s budget sector net debt was eliminated in 2003-04? (2) If not, will the Treasurer indicate what has been the budget sector net debt in the years from 2003-04 to 2005-06? (3) If the budget sector has been in a net surplus position for three years, will the Treasurer explain why he has repeatedly claimed that budget surpluses of the past two years have been used to, among other things, repay debt? Hon KATE DOUST
(1) Is it correct that the state’s budget sector net debt was eliminated in 2003-04? (2) If not, will the Treasurer indicate what has been the budget sector net debt in the years from 2003-04 to 2005-06? (3) If the budget sector has been in a net surplus position for three years, will the Treasurer explain why he has repeatedly claimed that budget surpluses of the past two years have been used to, among other things, repay debt? Hon KATE DOUST
AnswerView source ↗
I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(2) If not, will the Treasurer indicate what has been the budget sector net debt in the years from 2003-04 to 2005-06? (3) If the budget sector has been in a net surplus position for three years, will the Treasurer explain why he has repeatedly claimed that budget surpluses of the past two years have been used to, among other things, repay debt? Hon KATE DOUST replied: I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(3) If the budget sector has been in a net surplus position for three years, will the Treasurer explain why he has repeatedly claimed that budget surpluses of the past two years have been used to, among other things, repay debt? Hon KATE DOUST replied: I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
Hon KATE DOUST replied: I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(2) If not, will the Treasurer indicate what has been the budget sector net debt in the years from 2003-04 to 2005-06? (3) If the budget sector has been in a net surplus position for three years, will the Treasurer explain why he has repeatedly claimed that budget surpluses of the past two years have been used to, among other things, repay debt? Hon KATE DOUST replied: I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(3) If the budget sector has been in a net surplus position for three years, will the Treasurer explain why he has repeatedly claimed that budget surpluses of the past two years have been used to, among other things, repay debt? Hon KATE DOUST replied: I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
Hon KATE DOUST replied: I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
I thank the honourable member for some notice of this question. (1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(1) Yes. The general government sector debt became net debt free in 2003-04. At 30 June 2004, general government sector financial assets exceeded gross debit liabilities by $291 million. (2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(2) Not applicable. (3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
(3) The government has used the cash surpluses from the past three years to repay all gross borrowings of the consolidated account along with all borrowings associated with the New MetroRail project. The New MetroRail debt was debt of the public non-financial corporations sector, but was supported by the general government sector through interest subsidies paid to the Public Transport Authority. All up, over the past three years, the government has retired about $2.4 billion in gross borrowings, saving about $150 million per year in interest payments.
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