❓ Treasurer Ripper provides an update on the WA economy, highlighting signs of recovery and criticising the Leader of the Opposition's negative predictions. He cites positive economic indicators and accuses the opposition of 'talking down' the economy.
AnsweredQoN 693Legislative Assembly
QuestionView source ↗
WESTERN AUSTRALIAN ECONOMY, UPDATE
Given that the year is drawing to an end, will the Treasurer provide an update on the Western Australian economy? Mr RIPPER
Given that the year is drawing to an end, will the Treasurer provide an update on the Western Australian economy? Mr RIPPER
AnswerView source ↗
I can understand that some members would be a little uncertain about the economic climate, and with good reason. The State is not immune to global economic trends. However, we should be very wary about falling into the trap of talking down the State’s economy and creating a self-fulfilling prophecy. I have a consumer protection warning for members. I warn members about a prophet of doom - the Leader of the Opposition. He has described himself as one of the State’s leading economic commentators. Members should not accept that description or any prophecy that he might put across. On 17 October, the Leader of the Opposition said in this House - The Government will see a sharp rise in unemployment in this State over the next few months. He also said - The Government’s economic policy direction was ill-founded. There was some self-interest in those comments. The Leader of the Opposition wants the economy to go down because that is the only hope he might have of his stock going up. We should look at the true picture. I will start with the economic inheritance of this Government. That showed that Western Australia recorded negative economic growth during the last financial year. It was the worst result in the country. The Leader of the Opposition was a senior economic minister in the former Government which presided over that result. Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr RIPPER replied: I can understand that some members would be a little uncertain about the economic climate, and with good reason. The State is not immune to global economic trends. However, we should be very wary about falling into the trap of talking down the State’s economy and creating a self-fulfilling prophecy. I have a consumer protection warning for members. I warn members about a prophet of doom - the Leader of the Opposition. He has described himself as one of the State’s leading economic commentators. Members should not accept that description or any prophecy that he might put across. On 17 October, the Leader of the Opposition said in this House - The Government will see a sharp rise in unemployment in this State over the next few months. He also said - The Government’s economic policy direction was ill-founded. There was some self-interest in those comments. The Leader of the Opposition wants the economy to go down because that is the only hope he might have of his stock going up. We should look at the true picture. I will start with the economic inheritance of this Government. That showed that Western Australia recorded negative economic growth during the last financial year. It was the worst result in the country. The Leader of the Opposition was a senior economic minister in the former Government which presided over that result. Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
I can understand that some members would be a little uncertain about the economic climate, and with good reason. The State is not immune to global economic trends. However, we should be very wary about falling into the trap of talking down the State’s economy and creating a self-fulfilling prophecy. I have a consumer protection warning for members. I warn members about a prophet of doom - the Leader of the Opposition. He has described himself as one of the State’s leading economic commentators. Members should not accept that description or any prophecy that he might put across. On 17 October, the Leader of the Opposition said in this House - The Government will see a sharp rise in unemployment in this State over the next few months. He also said - The Government’s economic policy direction was ill-founded. There was some self-interest in those comments. The Leader of the Opposition wants the economy to go down because that is the only hope he might have of his stock going up. We should look at the true picture. I will start with the economic inheritance of this Government. That showed that Western Australia recorded negative economic growth during the last financial year. It was the worst result in the country. The Leader of the Opposition was a senior economic minister in the former Government which presided over that result. Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr RIPPER replied: I can understand that some members would be a little uncertain about the economic climate, and with good reason. The State is not immune to global economic trends. However, we should be very wary about falling into the trap of talking down the State’s economy and creating a self-fulfilling prophecy. I have a consumer protection warning for members. I warn members about a prophet of doom - the Leader of the Opposition. He has described himself as one of the State’s leading economic commentators. Members should not accept that description or any prophecy that he might put across. On 17 October, the Leader of the Opposition said in this House - The Government will see a sharp rise in unemployment in this State over the next few months. He also said - The Government’s economic policy direction was ill-founded. There was some self-interest in those comments. The Leader of the Opposition wants the economy to go down because that is the only hope he might have of his stock going up. We should look at the true picture. I will start with the economic inheritance of this Government. That showed that Western Australia recorded negative economic growth during the last financial year. It was the worst result in the country. The Leader of the Opposition was a senior economic minister in the former Government which presided over that result. Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
I can understand that some members would be a little uncertain about the economic climate, and with good reason. The State is not immune to global economic trends. However, we should be very wary about falling into the trap of talking down the State’s economy and creating a self-fulfilling prophecy. I have a consumer protection warning for members. I warn members about a prophet of doom - the Leader of the Opposition. He has described himself as one of the State’s leading economic commentators. Members should not accept that description or any prophecy that he might put across. On 17 October, the Leader of the Opposition said in this House - The Government will see a sharp rise in unemployment in this State over the next few months. He also said - The Government’s economic policy direction was ill-founded. There was some self-interest in those comments. The Leader of the Opposition wants the economy to go down because that is the only hope he might have of his stock going up. We should look at the true picture. I will start with the economic inheritance of this Government. That showed that Western Australia recorded negative economic growth during the last financial year. It was the worst result in the country. The Leader of the Opposition was a senior economic minister in the former Government which presided over that result. Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr Barnett: We got through the Asian economic crisis, which is more than you have had to do. Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr RIPPER: I do not think that I can hear the Leader of the Opposition accepting responsibility. I can hear more excuses. There was another lack of response with regard to the State’s AAA credit rating. Standard & Poor’s (Australia) Pty Ltd confirmed the State’s AAA credit rating. Did the Leader of the Opposition celebrate that achievement? Did we hear anything positive from the Leader of the Opposition? No; there was not a peep out of him. I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
I can advise members that the Western Australian economy is showing strong signs of recovery. The latest figures show that state final demand for the September quarter grew by 5.1 per cent. That is robust growth. Business investment over the September quarter grew by 15.6 per cent. How did the results of the prophet of doom stack up against the unemployment figures? He said that they would rise. However, unemployment has fallen. Figures released today show that the rate fell to 6.2 per cent last month, which was the lowest result for all the States. Employment rose by 10 900 to a record 952 200 people. The proof of the pudding is in the eating. That is what has happened to the doomsday predicted by the Leader of the Opposition. Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr Barnett: Have you looked at the job vacancy figures? Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
Mr RIPPER: I cannot quite understand the interjection by the Leader of the Opposition. He is engaging in more doomsaying. He is being negative again, despite the fact that he has been proven wrong. Of course, the State’s economy is not out of the woods. The goods and services tax and the reign of the previous Government have had a devastating effect on the State’s economy, but this Government is working hard on the economy and is making the courageous decisions necessary to turn things around. I have a piece of advice for the Leader of the Opposition. Over the summer break he should worry not about the State’s numbers, but about his own.
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