❓ Opposition questions the Treasurer about the need for a Loan Bill, attributing it to a failure to build surpluses during boom times and the lateness of the bill's introduction. The Treasurer attributes the need to an unprecedented drop in revenue.
AnsweredQoN 574Legislative Assembly
QuestionView source ↗
LOAN BILL
2016
574. Mr M. McGOWAN to the
Treasurer:
I have a supplementary
question. Is this financial catastrophe the result of the Treasurer's
failure to build in significant surpluses during the many years of revenue boom
times the government has had; and, again, why is the Treasurer introducing this
bill so late?
Several members
interjected.
The SPEAKER : Member for Wanneroo, I call you for the
second time. Member for Joondalup, I think you are for the second time.
Mr M. McGOWAN : I again ask this supplementary question: is
this financial catastrophe the result of the Treasurer's failure to
build in significant surpluses during the many years of revenue boom times;
and, why is the Treasurer introducing this bill now, six weeks before the money
runs out?
2016
574. Mr M. McGOWAN to the
Treasurer:
I have a supplementary
question. Is this financial catastrophe the result of the Treasurer's
failure to build in significant surpluses during the many years of revenue boom
times the government has had; and, again, why is the Treasurer introducing this
bill so late?
Several members
interjected.
The SPEAKER : Member for Wanneroo, I call you for the
second time. Member for Joondalup, I think you are for the second time.
Mr M. McGOWAN : I again ask this supplementary question: is
this financial catastrophe the result of the Treasurer's failure to
build in significant surpluses during the many years of revenue boom times;
and, why is the Treasurer introducing this bill now, six weeks before the money
runs out?
AnswerView source ↗
No, it is not. The
origin of this additional Loan Bill, as I just said, is that since the 2015–16
budget, we have seen an unprecedented $9.3 billion reduction in our revenue. It
is $9.3 billion! I know the opposition is in denial, but it is a reality.
Members opposite can go and deal with stupid issues all the time, but it is a reality.
As Treasurer, I have to deal with that reality.
Several members interjected.
The SPEAKER : Member for Victoria Park!
Dr M.D. NAHAN : That is the cause of it. It is an
unprecedented drop in revenue.
Several members
interjected.
The SPEAKER : Member for Cannington, I am going to call you now to order, I think
it is for the first time. I can see somebody having a rest.
Dr M.D. NAHAN : The increase in debt that it relates to is
fully forecast in the budget. If members opposite had read the second reading
speech, they would have seen that we have in Western Australia a unique responsibility.
We have a requirement for a Loan Bill for the consolidated fund. We made a new
Loan Bill in 2015, with a maximum of about $21 billion in debt levels. We need
to increase our borrowings to about $23 billion, so $1.7 billion is needed to
meet our requirements going forward. That is fully consistent with the
forecasted borrowings in the 2016–17 budget.
origin of this additional Loan Bill, as I just said, is that since the 2015–16
budget, we have seen an unprecedented $9.3 billion reduction in our revenue. It
is $9.3 billion! I know the opposition is in denial, but it is a reality.
Members opposite can go and deal with stupid issues all the time, but it is a reality.
As Treasurer, I have to deal with that reality.
Several members interjected.
The SPEAKER : Member for Victoria Park!
Dr M.D. NAHAN : That is the cause of it. It is an
unprecedented drop in revenue.
Several members
interjected.
The SPEAKER : Member for Cannington, I am going to call you now to order, I think
it is for the first time. I can see somebody having a rest.
Dr M.D. NAHAN : The increase in debt that it relates to is
fully forecast in the budget. If members opposite had read the second reading
speech, they would have seen that we have in Western Australia a unique responsibility.
We have a requirement for a Loan Bill for the consolidated fund. We made a new
Loan Bill in 2015, with a maximum of about $21 billion in debt levels. We need
to increase our borrowings to about $23 billion, so $1.7 billion is needed to
meet our requirements going forward. That is fully consistent with the
forecasted borrowings in the 2016–17 budget.
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