❓ Ms. Shaw asks the Treasurer about WA's economic performance and job creation. The Treasurer responds positively, highlighting growth in construction, private capital expenditure, and criticizes the previous government's economic policies.
AnsweredQoN 697Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
JOB CREATION
697. Ms J.J. SHAW to the Treasurer:
I can understand how you would not
be able to hear, Mr Speaker.
The SPEAKER : Pardon!
Ms J.J. SHAW : Before I begin,
I acknowledge the fantastic students from Aveley North Primary School and
welcome them to Parliament.
I refer to the McGowan Labor
government's commitment to provide confidence to business, to drive
economic growth and to continue to create jobs for Western Australians.
(1) Can the Treasurer update the house on what recent
economic data shows about how the Western Australian economy is
performing and the challenges it faces?
(2) Can the
Treasurer advise the house whether he is aware if anyone has claimed
responsibility for those economic challenges?
JOB CREATION
697. Ms J.J. SHAW to the Treasurer:
I can understand how you would not
be able to hear, Mr Speaker.
The SPEAKER : Pardon!
Ms J.J. SHAW : Before I begin,
I acknowledge the fantastic students from Aveley North Primary School and
welcome them to Parliament.
I refer to the McGowan Labor
government's commitment to provide confidence to business, to drive
economic growth and to continue to create jobs for Western Australians.
(1) Can the Treasurer update the house on what recent
economic data shows about how the Western Australian economy is
performing and the challenges it faces?
(2) Can the
Treasurer advise the house whether he is aware if anyone has claimed
responsibility for those economic challenges?
AnswerView source ↗
I thank the member for that very good
question.
(1)–(2) Last
night we had another debate on how much better things are now under this
government than they were under the previous government when the confidence levels
of WA businesses reached levels not seen since the global financial crisis. The
data, as I said, although it is jumping around from quarter to quarter, month
to month, is going the right way. The data from yesterday showed that WA is the
only state in which construction is growing. Today, the Australian Bureau of
Statistics released data on private new capital expenditure. This data is
interesting and important because the member for Bateman made the point last
night that apparently all the jobs that are being created in Western Australia
are by the public sector and not the private
sector. Of course, the member for Bateman got confused because he also included in there local government and commonwealth government jobs. Although I may have
some influence, I do not have any influence on what the commonwealth or local
governments are doing. Importantly, private new capital expenditure in the June
quarter is up five per cent.
Mr D.C. Nalder interjected.
The SPEAKER : Member for
Bateman, I call you to order for the first time.
Mr B.S. WYATT : That is the
biggest increase of any state in Australia. That is important because it shows
that the private sector is spending. That shows exactly what we know; that is,
the private sector always does the heavy lifting when it comes to employment
growth in Western Australia. The other point made by the member for Bateman
last night is that if it is not the public sector—apparently we are
employing everybody—it is all about mining. Importantly, when we unpick
the new private capital expenditure, we find that mining is up by 16 per cent
but manufacturing is up by 31 per cent, and other selected industries—that
includes construction, retail, transport, finance, accommodation, cafes,
restaurants—are up by 40 per cent, because businesses now feel
confident to invest again under this government. That is exactly what is going
on.
What I found interesting last night
and have found interesting on the few other times that we have had debates on
the impact of decisions made by the former government on the economy—this
was not mentioned while they were in government, of course—the member
for Bateman and other members opposite talk about negative equity. Again, it
was not mentioned while they were in government. The point I continue to make
is that 70 per cent of the decline in residential property prices occurred under
the former government.
Several members interjected.
The SPEAKER : Members! If you
want to ask something, ask a question.
Mr B.S. WYATT : What surprised
me the most about last night is that I learnt that it was a deliberate policy
of the former government to reduce property prices in Western Australia. The
member for Bateman and the member for Nedlands were the two finance ministers
who introduced two of the three land tax increases that smashed the property
sector in Western Australia. By way of interjection, and I quote—this
is what the member for Nedlands had to say
about the largest increase in land tax, the third one done by the member for
Nedlands—he said, ''That is what made housing affordable''
—
Point of Order
Mr Z.R.F.
KIRKUP : Point of order. I am conscious that the Treasurer may be
reading from the uncorrected Hansard if he is providing a direct quote.
Mr B.S. WYATT : You will find
that I have no uncorrected Hansard before me, Mr Speaker. I am referring
to my own notes.
The SPEAKER : It is not a point
of order.
Questions without Notice Resumed
Mr B.S. WYATT : Members will
find, according to my notes, that the member for Nedlands said, ''That
is what made housing affordable''.
Who would have thought that the deliberate policy intent of the former Liberal–National government was to create the negative equity that the member for Bateman now
complains about? That is exactly what the member for Nedlands did. Does the
member know what? I will give him this. His policy worked. His deliberate
policy to destroy the property sector worked. All I want to know is whether
that was the member for Nedlands'
idea or the idea of his staff to make him look good? I do not know. Suffice to
say, if I follow this through , I will find that his staff were right—destroy
the property sector, lose government, become deputy leader. The trajectory is
so obvious now for how this was going to play out. The data we see across all
areas of the economy are much better than the data I inherited. I am fighting
against the big ship of recession and job loss, deficits and debt that were
left to me by the former government.
Several members interjected.
Mr B.S. WYATT : I said ''ship''! I am also
fighting against the deliberate policy decisions of the former government to destroy the property sector in Western Australia.
We are determined to make decisions to ensure that the property sector
gets up from the member for Nedlands' and the former government's
policies that were very anti-property.
The SPEAKER : I do not think
he said anything wrong. I think you are talking very quickly, Treasurer, and I think
something might have slipped.
question.
(1)–(2) Last
night we had another debate on how much better things are now under this
government than they were under the previous government when the confidence levels
of WA businesses reached levels not seen since the global financial crisis. The
data, as I said, although it is jumping around from quarter to quarter, month
to month, is going the right way. The data from yesterday showed that WA is the
only state in which construction is growing. Today, the Australian Bureau of
Statistics released data on private new capital expenditure. This data is
interesting and important because the member for Bateman made the point last
night that apparently all the jobs that are being created in Western Australia
are by the public sector and not the private
sector. Of course, the member for Bateman got confused because he also included in there local government and commonwealth government jobs. Although I may have
some influence, I do not have any influence on what the commonwealth or local
governments are doing. Importantly, private new capital expenditure in the June
quarter is up five per cent.
Mr D.C. Nalder interjected.
The SPEAKER : Member for
Bateman, I call you to order for the first time.
Mr B.S. WYATT : That is the
biggest increase of any state in Australia. That is important because it shows
that the private sector is spending. That shows exactly what we know; that is,
the private sector always does the heavy lifting when it comes to employment
growth in Western Australia. The other point made by the member for Bateman
last night is that if it is not the public sector—apparently we are
employing everybody—it is all about mining. Importantly, when we unpick
the new private capital expenditure, we find that mining is up by 16 per cent
but manufacturing is up by 31 per cent, and other selected industries—that
includes construction, retail, transport, finance, accommodation, cafes,
restaurants—are up by 40 per cent, because businesses now feel
confident to invest again under this government. That is exactly what is going
on.
What I found interesting last night
and have found interesting on the few other times that we have had debates on
the impact of decisions made by the former government on the economy—this
was not mentioned while they were in government, of course—the member
for Bateman and other members opposite talk about negative equity. Again, it
was not mentioned while they were in government. The point I continue to make
is that 70 per cent of the decline in residential property prices occurred under
the former government.
Several members interjected.
The SPEAKER : Members! If you
want to ask something, ask a question.
Mr B.S. WYATT : What surprised
me the most about last night is that I learnt that it was a deliberate policy
of the former government to reduce property prices in Western Australia. The
member for Bateman and the member for Nedlands were the two finance ministers
who introduced two of the three land tax increases that smashed the property
sector in Western Australia. By way of interjection, and I quote—this
is what the member for Nedlands had to say
about the largest increase in land tax, the third one done by the member for
Nedlands—he said, ''That is what made housing affordable''
—
Point of Order
Mr Z.R.F.
KIRKUP : Point of order. I am conscious that the Treasurer may be
reading from the uncorrected Hansard if he is providing a direct quote.
Mr B.S. WYATT : You will find
that I have no uncorrected Hansard before me, Mr Speaker. I am referring
to my own notes.
The SPEAKER : It is not a point
of order.
Questions without Notice Resumed
Mr B.S. WYATT : Members will
find, according to my notes, that the member for Nedlands said, ''That
is what made housing affordable''.
Who would have thought that the deliberate policy intent of the former Liberal–National government was to create the negative equity that the member for Bateman now
complains about? That is exactly what the member for Nedlands did. Does the
member know what? I will give him this. His policy worked. His deliberate
policy to destroy the property sector worked. All I want to know is whether
that was the member for Nedlands'
idea or the idea of his staff to make him look good? I do not know. Suffice to
say, if I follow this through , I will find that his staff were right—destroy
the property sector, lose government, become deputy leader. The trajectory is
so obvious now for how this was going to play out. The data we see across all
areas of the economy are much better than the data I inherited. I am fighting
against the big ship of recession and job loss, deficits and debt that were
left to me by the former government.
Several members interjected.
Mr B.S. WYATT : I said ''ship''! I am also
fighting against the deliberate policy decisions of the former government to destroy the property sector in Western Australia.
We are determined to make decisions to ensure that the property sector
gets up from the member for Nedlands' and the former government's
policies that were very anti-property.
The SPEAKER : I do not think
he said anything wrong. I think you are talking very quickly, Treasurer, and I think
something might have slipped.
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