❓ Shadow Treasurer Roberts questions Treasurer Porter about rising net debt and potential impacts of new projects. Porter avoids a firm commitment to limiting debt, emphasizing infrastructure investment and manageability.
AnsweredQoN 18Legislative Assembly
QuestionView source ↗
PUBLIC SECTOR — NET DEBT
The 2010–11 mid-year review estimated that Western Australia’s net debt in the public sector would reach $19.9 billion in 2013–14. (1) Is the Treasurer’s government committed to limiting net debt to below $20 billion? (2) Will he exceed the $20 billion level of net debt if additional projects are announced, such as the new sports stadium? (3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER
The 2010–11 mid-year review estimated that Western Australia’s net debt in the public sector would reach $19.9 billion in 2013–14. (1) Is the Treasurer’s government committed to limiting net debt to below $20 billion? (2) Will he exceed the $20 billion level of net debt if additional projects are announced, such as the new sports stadium? (3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER
AnswerView source ↗
I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(1) Is the Treasurer’s government committed to limiting net debt to below $20 billion? (2) Will he exceed the $20 billion level of net debt if additional projects are announced, such as the new sports stadium? (3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(2) Will he exceed the $20 billion level of net debt if additional projects are announced, such as the new sports stadium? (3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(1) Is the Treasurer’s government committed to limiting net debt to below $20 billion? (2) Will he exceed the $20 billion level of net debt if additional projects are announced, such as the new sports stadium? (3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(2) Will he exceed the $20 billion level of net debt if additional projects are announced, such as the new sports stadium? (3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(3) What projects will be scrapped or delayed if additional projects are announced? Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER replied: I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
I thank the member for her question and congratulate her on her ascension to the position of shadow Treasurer. That debt figure is of concern to me; it is of concern to our government. In fact, in the very short time I have been Treasurer I have found that just about every piece of news that comes through my door causes me some form of concern or another! Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Several members interjected. Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : But I can say that I am very much enjoying the job. (1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
(1)–(3) I think I can frame the commitment in these terms: we are committing to keeping debt at manageable levels. I will speak about that in a moment. Is it likely that that figure could increase if increases in expenditure for major infrastructure are put into subsequent budgets? That is a possibility. The member has certainly cracked the economic code! If we spend more, that debt level could increase. Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : That is contrary to a guarantee from the Premier. Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Several members interjected. The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The SPEAKER : Members! Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : We must bear in mind that one of the reasons net debt is large is that we are undertaking a massive infrastructure investment program. Fundamentally, it costs more money to construct things than it does to commission an artist’s impression. Under the member for Midland’s government there were lots of artists’ impressions, which were somewhat cheaper than the actual construction. As the member pointed out, the debt will go to $19.9 billion. I have a couple of observations about that. The member for Midland says that it seems to her at least that that figure is too large. That is fair enough. Labor might take a view that that figure is too large. Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mrs M.H. Roberts : It was $3.6 billion when we left government. In just two and a half years it has ballooned out to $14 billion. Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : As I say, not doing things is considerably cheaper than doing things. Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mrs M.H. Roberts : What about the Mandurah railway line, the Perth Arena, the State Theatre Centre—all the things the Labor government delivered—the entertainment centre in Albany and a dozen police stations? The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The SPEAKER : Member for Midland! Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : Some of the Labor government’s projects were somewhat expensive. The member for Midland says that the $19.9 billion figure is too large. To provide credible opposition, she will have to nominate the amount of debt that she considers is the perfect amount. Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : Did you do that before the last election? No. Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : I think she will have to understand what that debt is budgeted for. If the member for Midland looks at the final out year of the budget, she will see that the public non-financial sector will carry that debt at, I think, about $16 billion because that debt is for very, very important infrastructure projects: the new children’s hospital, the West Pilbara desalination plant, Western Power infrastructure, the Queen Elizabeth II Medical Centre, social housing and land development. It strikes me that if the member for Midland has a view that any of those very important items should come out of the budget and about what the perfect somewhat decreased level of debt is, she needs to nominate those things. Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : I will give you one to cut—abandon Roe 8. Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : As the Leader of the Opposition will well know, at the moment Roe 8 is not contributing to that net debt figure. Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper : It is, but not to the full extent, so that’s a problem — Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : It is contributing in a very minor way at the moment. The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The final thing I will say is that our commitment is about the manageability of debt. This is important debt to carry for this state at this time because we are engaging in intergenerational improvements in infrastructure. Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr E.S. Ripper interjected. The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
The SPEAKER : Leader of the Opposition! Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
Mr C.C. PORTER : The waterfront is our front yard; our children will enjoy it, and this government is investing in it. The interest as a percentage of revenue will never go above three per cent over those four out year figures. The ratio of net financial liability is a percentage of revenue that I think peaks at about 69 per cent—well within Standard and Poor’s trigger rate of 90 per cent. We think that level of debt is manageable. We will consider other projects, the timing of which must be considered very, very carefully to ensure that there is not too great an increase in that debt level. But our commitment is for manageable debt to be well spent on infrastructure, and infrastructure that does not blow out to unreasonable cost proportions.
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