❓ Dr. Steve Thomas questions the Treasurer regarding the Debt Reduction Account's balance, income, and expenditure since 2017-18. The Treasurer provides figures and criticizes the previous Liberal-National government's financial management.
AnsweredQoN 274Legislative Council
QuestionView source ↗
STATE FINANCES —
DEBT REDUCTION ACCOUNT
274. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the Western Australian
debt reduction account.
(1) What is the current balance of
the account?
(2) What is the total income to the
account from its inception in 2017–18 to date?
(3) What is the total paid out of
the account from its inception in 2017–18 to date?
(4) Of the total in (3) —
(a) how much has been used to pay
down existing government debt; and
(b) how much has been used as
expenditure to replace the need for additional debt?
DEBT REDUCTION ACCOUNT
274. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I refer to the Western Australian
debt reduction account.
(1) What is the current balance of
the account?
(2) What is the total income to the
account from its inception in 2017–18 to date?
(3) What is the total paid out of
the account from its inception in 2017–18 to date?
(4) Of the total in (3) —
(a) how much has been used to pay
down existing government debt; and
(b) how much has been used as
expenditure to replace the need for additional debt?
AnswerView source ↗
It is not even Thursday, honourable
member! I thank the Leader of the Opposition for some notice of the question.
The following answer has been provided to me by the Treasurer.
(1) As outlined
on page 45 of the March 2021 Quarterly financial results report tabled
in this house, the balance of the debt reduction account is zero.
(2) The total is $3.399 billion.
(3) The total is $3.399 billion. It is important to
note that the debt repaid is from the previous Liberal–National government. Its incompetent management of the state's finances resulted
in massive deficits that took the state from $3.6 billion in debt when it came
to office, on a path to $44 billion by 2019–20. Net debt at the end of
the March 2021 quarter stood at $33.6 billion, more than $10 billion lower than
expected under the former Liberal–National government, despite the
state government having to deal with COVID-19.
(4) (a) A total of $1.852 billion;
and
(b) $1.547 billion.
member! I thank the Leader of the Opposition for some notice of the question.
The following answer has been provided to me by the Treasurer.
(1) As outlined
on page 45 of the March 2021 Quarterly financial results report tabled
in this house, the balance of the debt reduction account is zero.
(2) The total is $3.399 billion.
(3) The total is $3.399 billion. It is important to
note that the debt repaid is from the previous Liberal–National government. Its incompetent management of the state's finances resulted
in massive deficits that took the state from $3.6 billion in debt when it came
to office, on a path to $44 billion by 2019–20. Net debt at the end of
the March 2021 quarter stood at $33.6 billion, more than $10 billion lower than
expected under the former Liberal–National government, despite the
state government having to deal with COVID-19.
(4) (a) A total of $1.852 billion;
and
(b) $1.547 billion.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.