❓ Treasurer Ripper confirms Western Australia's AAA credit rating from Standard and Poor's, attributing it to prudent financial management, strong operating balances, and strategic use of commodity boom revenues. He defends the government's fiscal strategy against opposition criticisms and federal claims about state financial management.
AnsweredQoN 427Legislative Assembly
QuestionView source ↗
STATE FINANCE - AAA CREDIT RATING
Will the Treasurer please give details of Western Australia’s credit rating and how our state has once again achieved such sound financial credentials? Mr E.S. RIPPER
Will the Treasurer please give details of Western Australia’s credit rating and how our state has once again achieved such sound financial credentials? Mr E.S. RIPPER
AnswerView source ↗
I have more good news about the strength of our economy and finances. Standard and Poor’s has confirmed Western Australia’s AAA credit rating. It is not just about the raw figures; it is also about the management of the government and the state’s finances. Standard and Poor’s states - To offset the risk associated with a potential downturn in the commodities market, the state has maintained a strong balance sheet and strong operating balances. To achieve this, the state has used its revenues growth from the commodity boom to internally fund a large proportion of its capital program and maintain healthy operating surpluses. The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances. That is a glowing testimonial to the way in which the government manages its finances and processes, but there is more. Standard and Poor’s also says - “The government has demonstrated ongoing fiscal prudence in managing the gains from the commodity boom,” . . . “The state’s forecast of healthy operating surpluses is a credit strength as it mitigates the risk of a potential downturn in the commodities market.” . . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy. Dr K.D. Hames interjected. Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
Mr E.S. RIPPER replied: I have more good news about the strength of our economy and finances. Standard and Poor’s has confirmed Western Australia’s AAA credit rating. It is not just about the raw figures; it is also about the management of the government and the state’s finances. Standard and Poor’s states - To offset the risk associated with a potential downturn in the commodities market, the state has maintained a strong balance sheet and strong operating balances. To achieve this, the state has used its revenues growth from the commodity boom to internally fund a large proportion of its capital program and maintain healthy operating surpluses. The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances. That is a glowing testimonial to the way in which the government manages its finances and processes, but there is more. Standard and Poor’s also says - “The government has demonstrated ongoing fiscal prudence in managing the gains from the commodity boom,” . . . “The state’s forecast of healthy operating surpluses is a credit strength as it mitigates the risk of a potential downturn in the commodities market.” . . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy. Dr K.D. Hames interjected. Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
I have more good news about the strength of our economy and finances. Standard and Poor’s has confirmed Western Australia’s AAA credit rating. It is not just about the raw figures; it is also about the management of the government and the state’s finances. Standard and Poor’s states - To offset the risk associated with a potential downturn in the commodities market, the state has maintained a strong balance sheet and strong operating balances. To achieve this, the state has used its revenues growth from the commodity boom to internally fund a large proportion of its capital program and maintain healthy operating surpluses. The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances. That is a glowing testimonial to the way in which the government manages its finances and processes, but there is more. Standard and Poor’s also says - “The government has demonstrated ongoing fiscal prudence in managing the gains from the commodity boom,” . . . “The state’s forecast of healthy operating surpluses is a credit strength as it mitigates the risk of a potential downturn in the commodities market.” . . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy. Dr K.D. Hames interjected. Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances.
. . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy.
Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy.
Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
Mr E.S. RIPPER replied: I have more good news about the strength of our economy and finances. Standard and Poor’s has confirmed Western Australia’s AAA credit rating. It is not just about the raw figures; it is also about the management of the government and the state’s finances. Standard and Poor’s states - To offset the risk associated with a potential downturn in the commodities market, the state has maintained a strong balance sheet and strong operating balances. To achieve this, the state has used its revenues growth from the commodity boom to internally fund a large proportion of its capital program and maintain healthy operating surpluses. The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances. That is a glowing testimonial to the way in which the government manages its finances and processes, but there is more. Standard and Poor’s also says - “The government has demonstrated ongoing fiscal prudence in managing the gains from the commodity boom,” . . . “The state’s forecast of healthy operating surpluses is a credit strength as it mitigates the risk of a potential downturn in the commodities market.” . . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy. Dr K.D. Hames interjected. Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
I have more good news about the strength of our economy and finances. Standard and Poor’s has confirmed Western Australia’s AAA credit rating. It is not just about the raw figures; it is also about the management of the government and the state’s finances. Standard and Poor’s states - To offset the risk associated with a potential downturn in the commodities market, the state has maintained a strong balance sheet and strong operating balances. To achieve this, the state has used its revenues growth from the commodity boom to internally fund a large proportion of its capital program and maintain healthy operating surpluses. The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances. That is a glowing testimonial to the way in which the government manages its finances and processes, but there is more. Standard and Poor’s also says - “The government has demonstrated ongoing fiscal prudence in managing the gains from the commodity boom,” . . . “The state’s forecast of healthy operating surpluses is a credit strength as it mitigates the risk of a potential downturn in the commodities market.” . . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy. Dr K.D. Hames interjected. Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
The government remains committed to its fiscal strategy. Together with the state’s strong balance sheet and operating performance, the government’s commitment to its self-imposed financial targets supports the state’s finances.
. . . Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy.
Western Australia’s strong balance sheet and operating surpluses negate the risks inherent in a resources-dominated economy.
Mr E.S. RIPPER : At last I have heard an interjection that I have been waiting to hear for some time from the opposition. The member for Dawesville mentioned the word “tax”. Of course tax revenue grows when we have a strong economy. The opposition is quite wrong to criticise the strength of the economy as it relates to our revenues. Standard and Poor’s comments completely contradict the Prime Minister’s bizarre assertion that somehow the financial management of the states is responsible for increases in interest rates. He must take responsibility for that. Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
Mr P.D. Omodei : You’re not looking straight into the camera! Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
Mr E.S. RIPPER : I was distracted by the Leader of the Opposition. Standard and Poor’s also states - Further evidence of the government’s prudent fiscal management is its treatment of the windfall revenue from the mining boom. The government has treated the revenues as potentially cyclical, and as such has focussed on using the revenues to reduce debt and maintain a large operating surplus. We are governing not only for now, but also for tomorrow. We are trying to make sure that not only current Western Australians, but also future Western Australians, benefit from the very good times that we are experiencing. Every single dollar of the state’s surplus is invested in the future either in infrastructure or through debt retirement. In the general government sector on our schools, hospitals and police stations we have no net debt whatsoever. We have positive financial assets in our general government sector. Our debt is with our trading enterprises where, for the most part, it is commercially serviced. The comments of Standard and Poor’s vindicate this government’s approach to financial management.
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