❓ The Treasurer addresses questions regarding budget allocations for the Oakajee port, Northbridge Link, and Midland hospital projects, clarifying funding status and potential impacts on state debt, citing reliance on Commonwealth funding and prioritisation of capital works.
AnsweredQoN 431Legislative Assembly
QuestionView source ↗
OAKAJEE PORT, NORTHBRIDGE LINK AND MIDLAND HOSPITAL — BUDGET ALLOCATION
I acknowledge the presence in the public gallery of the students of Dudley Park Primary School, in the electorate of the member for Mandurah. (1) Can the Treasurer confirm that specific funding allocations for the Oakajee port, the Northbridge Link and Midland hospital are missing from the 2009-10 state budget? (2) In which financial year or years does the Treasurer expect the costs of these projects to crystallise? (3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL
I acknowledge the presence in the public gallery of the students of Dudley Park Primary School, in the electorate of the member for Mandurah. (1) Can the Treasurer confirm that specific funding allocations for the Oakajee port, the Northbridge Link and Midland hospital are missing from the 2009-10 state budget? (2) In which financial year or years does the Treasurer expect the costs of these projects to crystallise? (3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL
AnswerView source ↗
I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(1) Can the Treasurer confirm that specific funding allocations for the Oakajee port, the Northbridge Link and Midland hospital are missing from the 2009-10 state budget? (2) In which financial year or years does the Treasurer expect the costs of these projects to crystallise? (3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(2) In which financial year or years does the Treasurer expect the costs of these projects to crystallise? (3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(1) Can the Treasurer confirm that specific funding allocations for the Oakajee port, the Northbridge Link and Midland hospital are missing from the 2009-10 state budget? (2) In which financial year or years does the Treasurer expect the costs of these projects to crystallise? (3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(2) In which financial year or years does the Treasurer expect the costs of these projects to crystallise? (3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(3) What impacts will finding in excess of $550 million to fund these projects have on state debt, which the Treasurer has already forecast will blow out to $19.1 billion? Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL replied: I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
I thank the member for the question; it is an interesting question. (1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
(1)-(3) When the budget closed off in the middle of April, about a month before it was handed down last week, the government made a decision to not include funding for the Oakajee port or the Northbridge Link projects on the basis that it did not yet have information from the commonwealth government about how much funding the commonwealth would contribute, and the requisite co-contribution from the state government. Rather than enter into a process built around a hypothetical situation, the government decided not to fund those projects specifically in the budget. There is no substantive funding for the Oakajee port and Northbridge Link projects, but I will talk about those in more detail. There was funding in the budget for the Midland hospital—a total of $40 million over the next four years, which was part of a total funding allocation of $180 million across six years. Quite clearly, there was funding for the Midland hospital on the books. Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr E.S. Ripper : But the commonwealth funding never had to come forward. Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : I am answering the question as politely as I can, given that I have a bit of a cold today. Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr E.S. Ripper : I’m interjecting as politely as I can! Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : When will they be brought to account? There is some work to do. In the case of Oakajee, I suspect it is pretty straightforward. The commonwealth government has contributed $339 million, and the state government will also need to contribute $339 million. Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Ms A.J.G. MacTiernan : Is that going to land you in the middle of the iceberg? Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : I know that the member is sad; we might take her up there later this week to have a look when the Prime Minister goes up to have a look at Oakajee. The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
The commonwealth government has contributed $236 million to the Northbridge Link project. The state government will need to sit down and seriously work through with the commonwealth government the exact scoping of the project, including the time lines, the cost of sinking the bus station, and the real estate above the project, which can now be realised for the state. The impact of the project on state finances is something that the government has yet to work through. The commonwealth government’s very generous funding of $255 million to relocate the rehabilitation hospital from Shenton Park to Fiona Stanley Hospital may also create land sale potential for the state government. It is another matter that the state government needs to take on board. The member asked when this can be brought to account; I am confident that if the state government works hard with the commonwealth government, we can bring this to account and into the state finances by the time of the midyear review. Ultimately, the state will have a choice: we can fund our requirements either through debt, or by making some of the hard decisions that were made in the budget to prioritise our capital works program. I think what our record from last week shows is that we are not afraid to make tough decisions. We are not — Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr E.S. Ripper : The rest of the cabinet is quite nervous now. Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : Collectively, we have confronted a significant financial crisis and, collectively, we have delivered a protection of the state’s AAA credit rating whilst investing in the most significant infrastructure build that this state has ever seen. Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Several members interjected. Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
Mr T.R. BUSWELL : I do not think it is a bad outcome. On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
On the final question the member for Victoria Park asked, if we had to borrow, let us say, the $550 million, my advice is—I am not saying that we will have to borrow that, but if we did—it may add between one and 1.5 percentage points to the Standard and Poor’s net financial liabilities of revenue figure.
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