❓ Mr. Wyatt questions the Treasurer about the projected net debt of WA, specifically when it will peak and begin to decline. The Treasurer acknowledges the figure but doesn't provide a specific timeline, emphasizing infrastructure investment and population growth.
AnsweredQoN 579Legislative Assembly
QuestionView source ↗
STATE
FINANCES — NET DEBT
579. Mr B.S. WYATT to the Treasurer:
I refer to the projected $28.4 billion in net debt expected
by 30 June 2017.
(1) Does the Treasurer stand by that figure?
(2) In light
of the Barnett government's budget last year that had net debt peaking
and then declining, when will the state's net debt level peak; and when
will it commence its decline?
FINANCES — NET DEBT
579. Mr B.S. WYATT to the Treasurer:
I refer to the projected $28.4 billion in net debt expected
by 30 June 2017.
(1) Does the Treasurer stand by that figure?
(2) In light
of the Barnett government's budget last year that had net debt peaking
and then declining, when will the state's net debt level peak; and when
will it commence its decline?
AnswerView source ↗
(1)–(2)
I stand by that figure in that that was the latest figure produced by the
Department of Treasury. As members know, we do our books twice a year—at
budget time and at the midyear review. I expect it will change at the time of
the midyear review. In fact, if my recollection serves me correctly, debt has
gone down from the time of the budget to the time of the presentation of the Annual Report on State Finances , not by
much, but I think has gone down by bit. Clearly, it moves—it would move
on a daily basis. At the time that the cut-off for the budget occurred, that
figure was accurate and I have no reason to suggest that it is not accurate.
Mr B.S. Wyatt : When will it peak then?
Mr T.R. BUSWELL : When will debt peak? I
am not sure yet, but I do know that we have to have a mature debate about debt.
We cannot rush out and make short-term decisions about infrastructure that will
last for generations. The one thing I can tell —
Mr B.S. Wyatt interjected.
The SPEAKER : Member for Victoria Park,
I call you to order for the first time. You have a chance to ask a
supplementary question and if you keep interjecting, you will not have a chance
to ask a supplementary question.
Mr T.R. BUSWELL : The one thing I can
give an undertaking on is that every dollar we borrow we invest in infrastructure.
Every dollar we borrow goes into infrastructure to support a growing state
economy and a growing state population. I will close on this point: it is
interesting to have a look at the state population figures produced today,
which show that from March 2012 to March 2013 the Western Australian population
grew by 82 500 people—3.4 per cent. That means 21 per cent of the total
population growth in Australia occurred in Western Australia, a state with 11
per cent of the nation's population. It is little wonder we are under
pressure to deliver services and infrastructure like never before.
I stand by that figure in that that was the latest figure produced by the
Department of Treasury. As members know, we do our books twice a year—at
budget time and at the midyear review. I expect it will change at the time of
the midyear review. In fact, if my recollection serves me correctly, debt has
gone down from the time of the budget to the time of the presentation of the Annual Report on State Finances , not by
much, but I think has gone down by bit. Clearly, it moves—it would move
on a daily basis. At the time that the cut-off for the budget occurred, that
figure was accurate and I have no reason to suggest that it is not accurate.
Mr B.S. Wyatt : When will it peak then?
Mr T.R. BUSWELL : When will debt peak? I
am not sure yet, but I do know that we have to have a mature debate about debt.
We cannot rush out and make short-term decisions about infrastructure that will
last for generations. The one thing I can tell —
Mr B.S. Wyatt interjected.
The SPEAKER : Member for Victoria Park,
I call you to order for the first time. You have a chance to ask a
supplementary question and if you keep interjecting, you will not have a chance
to ask a supplementary question.
Mr T.R. BUSWELL : The one thing I can
give an undertaking on is that every dollar we borrow we invest in infrastructure.
Every dollar we borrow goes into infrastructure to support a growing state
economy and a growing state population. I will close on this point: it is
interesting to have a look at the state population figures produced today,
which show that from March 2012 to March 2013 the Western Australian population
grew by 82 500 people—3.4 per cent. That means 21 per cent of the total
population growth in Australia occurred in Western Australia, a state with 11
per cent of the nation's population. It is little wonder we are under
pressure to deliver services and infrastructure like never before.
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