❓ The Treasurer responds to a question about Moody's credit rating upgrade, attributing it to the McGowan government's fiscal management and contrasting it with the previous Liberal-National government's financial performance. The Treasurer also takes the opportunity to criticise the opposition.
AnsweredQoN 406Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
MOODY'S CREDIT RATING
406. Mr T.J. HEALY to the Treasurer:
I refer to the decision by Moody's
to upgrade the state's credit rating and its assessment of the McGowan
Labor government's strong fiscal resolve. Can the Treasurer outline to
the house how the strong financial management of this government will mean more
money being spent on essential services and less money on servicing the massive
debt inherited from the previous Liberal–National government?
MOODY'S CREDIT RATING
406. Mr T.J. HEALY to the Treasurer:
I refer to the decision by Moody's
to upgrade the state's credit rating and its assessment of the McGowan
Labor government's strong fiscal resolve. Can the Treasurer outline to
the house how the strong financial management of this government will mean more
money being spent on essential services and less money on servicing the massive
debt inherited from the previous Liberal–National government?
AnswerView source ↗
I
certainly can. Although the Premier stole some of my thunder in his answer to
the first question, do not be surprised if the government talks about
the credit rating upgrade for quite some time. Do not be surprised, Mr Krsticevic,
member for Carine, if we talk about this ad nauseam for the next few months.
I am particularly pleased, as I said
in my brief ministerial statement a short while ago, that I recently travelled
to North Asia just prior—the timing was perfect—to Moody's
upgrading our credit rating. The response of our bondholders and potential investors has been very positive towards the
efforts of this government to ensure that we have a much stronger balance sheet than the one that I inherited. As the
Premier pointed out, the upgrade means that we will now be spending tens
of millions of dollars less on the interest on the debt pile that we inherited
from the former Liberal–National
government. I note via an interjection I received from the member for Carine
and some of the commentary being made by the opposition that it is all
Scott Morrison's doing, but I want to note—the Premier quoted
this—that Moody's actually identified a point in time when it
commended the government. Moody's commended the government's—and
I quote—strong fiscal resolve following the March 2017 election. It
identified a point in time when the government's fiscal resolve
changed. What did it change from? Again, it was while the Leader of the Opposition and the Liberal party,
including the members for Churchlands, Bateman and Scarborough , were
overseeing consecutive credit rating downgrades because of—and I quote—persistently
high levels of spending. Perhaps most telling, member for Carine, because I do
not think you have remembered this bit, and I will quote again, was the former
Liberal–National government's limited political will to make
difficult decisions. That was what it said about Bateman, Churchlands and
Scarborough, and of course the Leader of the Opposition.
There is a certain irony that
limited political will finished off the previous government. I suspect it is
that very limited political will of Scarborough, Bateman and Churchlands that
is probably keeping the Leader of the Opposition in his role now. I suspect a bit
more political will from my friends on the other side of the chamber might see
the Leader of the Opposition come to an abrupt end in the role that he is in.
But I say this, Mr Speaker: I think the Leader of the Opposition is doing a fine
job. I think he should stay right where he is. To Scarborough, Bateman and
Churchlands, with their limited political will, I say: you leave your leader
alone; start showing him some loyalty so he can get on with the job that he has
been doing for the last two years.
certainly can. Although the Premier stole some of my thunder in his answer to
the first question, do not be surprised if the government talks about
the credit rating upgrade for quite some time. Do not be surprised, Mr Krsticevic,
member for Carine, if we talk about this ad nauseam for the next few months.
I am particularly pleased, as I said
in my brief ministerial statement a short while ago, that I recently travelled
to North Asia just prior—the timing was perfect—to Moody's
upgrading our credit rating. The response of our bondholders and potential investors has been very positive towards the
efforts of this government to ensure that we have a much stronger balance sheet than the one that I inherited. As the
Premier pointed out, the upgrade means that we will now be spending tens
of millions of dollars less on the interest on the debt pile that we inherited
from the former Liberal–National
government. I note via an interjection I received from the member for Carine
and some of the commentary being made by the opposition that it is all
Scott Morrison's doing, but I want to note—the Premier quoted
this—that Moody's actually identified a point in time when it
commended the government. Moody's commended the government's—and
I quote—strong fiscal resolve following the March 2017 election. It
identified a point in time when the government's fiscal resolve
changed. What did it change from? Again, it was while the Leader of the Opposition and the Liberal party,
including the members for Churchlands, Bateman and Scarborough , were
overseeing consecutive credit rating downgrades because of—and I quote—persistently
high levels of spending. Perhaps most telling, member for Carine, because I do
not think you have remembered this bit, and I will quote again, was the former
Liberal–National government's limited political will to make
difficult decisions. That was what it said about Bateman, Churchlands and
Scarborough, and of course the Leader of the Opposition.
There is a certain irony that
limited political will finished off the previous government. I suspect it is
that very limited political will of Scarborough, Bateman and Churchlands that
is probably keeping the Leader of the Opposition in his role now. I suspect a bit
more political will from my friends on the other side of the chamber might see
the Leader of the Opposition come to an abrupt end in the role that he is in.
But I say this, Mr Speaker: I think the Leader of the Opposition is doing a fine
job. I think he should stay right where he is. To Scarborough, Bateman and
Churchlands, with their limited political will, I say: you leave your leader
alone; start showing him some loyalty so he can get on with the job that he has
been doing for the last two years.
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