❓ Mr. Whitby questions the Treasurer on the Reserve Bank's assessment of the WA economy under the McGowan government. The Treasurer responds by highlighting positive economic indicators and criticizes the opposition's negativity.
AnsweredQoN 682Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
RESERVE BANK COMMENTS
682. Mr R.R. WHITBY to the Treasurer:
I refer to the minutes of the most
recent meeting of the Reserve Bank, held in Perth on 4 September.
(1) Can the
Treasurer outline to the house what the Reserve Bank noted about how the Western
Australian economy is performing under the McGowan Labor government?
(2) Can the
Treasurer advise the house whether he is aware of anyone who believes the
Reserve Bank is wrong and disagrees with its assessment?
RESERVE BANK COMMENTS
682. Mr R.R. WHITBY to the Treasurer:
I refer to the minutes of the most
recent meeting of the Reserve Bank, held in Perth on 4 September.
(1) Can the
Treasurer outline to the house what the Reserve Bank noted about how the Western
Australian economy is performing under the McGowan Labor government?
(2) Can the
Treasurer advise the house whether he is aware of anyone who believes the
Reserve Bank is wrong and disagrees with its assessment?
AnswerView source ↗
I thank the member for Baldivis for
that very, very good question.
(1)–(2) As
I have said to this place a range of times now, whether it be business
investment, state final demand, GST or employment, the data under this
government is so fundamentally better than what we inherited just a short 18
months ago. I know it irritates the opposition when I talk about the wonderful
performance or the improving performance of the WA economy under the McGowan
Labor government. I know that irritates my friends on the other side of this
chamber. I was surprised to see—this is the story from, admittedly
Liberals' mainstream media, so cover your ears—what is in the
article titled ''WA economy has turned the corner, says Reserve''.
I want to quote this; it is a very good article from Shane Wright.
It states —
The WA economy is returning to normal
with key signs of improvement in business conditions, the mining sector and
wages, according to the Reserve Bank.
As figures show the Perth property
market in its strongest position in three years, minutes from the Reserve's
latest meeting reveal a substantial discussion about the WA economy.
Good news I would have thought for
everyone in Western Australia other than my friends ''land tax Mike''
and ''dour Dean''. There he was straight away on the social media
platforms of their preference. What did the member for Bateman say —
I interpret things a little different
than the headline.
I think he interprets it along the
lines of, ''Surely we weren't as bad as everyone thinks we were.''
Guess what, member for Bateman? You certainly were.
I think the highlight for me was the
Leader of the Opposition saying —
It's a mixed bag with some
good signs but also confirmation of misery �
Misery? Honestly! Misery loves
company and when I look across the chamber, all I can see is the miserable
Leader of the Opposition and the miserable shadow Treasurer desperately
scanning data trying to find anything that proves the case now that is
undeniable in Western Australia over the last 20 years; that is, WA Labor
improves and grows the economy and fixes the finances and WA Liberals destroy
the economy and ruin the finances. It is undeniable! They are not fake media or
fake facts; that is the reality. I know that drives members opposite utterly
insane. I will go to the Royal Show next week with my daughters. Their
favourite is the house of horrors. I sometimes think I might just stick them in
a trolley and push them through the Liberal Party room. They will be just as
traumatised as had I taken them to the show, and I will save a bucketload of
money!
Not just for the benefit of my
friends on the other side of this chamber, I do not want to rely just on The
West Australian —the paper of record here in Perth. I like to
diversify the things that I read when we look around trying to fix the mess
that was created. I want to quote a very astute piece of writing —
The
main impediment to the debt management strategy will be the political system
itself. Under the existing system, the politicians making up the government
will have the usual strong incentives to avoid anti-deficit actions. Deficit
reduction will be strongly resisted by an army of vested interests. And the
politicians of the opposition parties will accentuate the pain—real or
imagined—without mentioning the gain.
Where do members think that came
from? It was from a very interesting piece titled ''Reform and Recovery:
An Agenda for the New Western Australian Government'' by none other than
Mike Nahan. Who would have thought that the Leader of the Opposition was being
ironic when he wrote that great piece all those years ago? Now he comes in here
seeking to do everything possible to try to increase the deficit and increase
the net debt of the state of Western Australia. I referred yesterday to the
Moody's Investors Service downgrade five years ago yesterday under the
former Liberal government. I recall that wonderful line—''lack
of political will''. When I look on this ironic piece of work written by
the Leader of the Opposition before he entered Parliament and I look at the
positions he takes not just out in public, but also in this chamber, it
highlights a wonderful political epitaph for the Leader of the Opposition—''lack
of political will''. At every turn, I think Western Australians are
seeing economic sunshine starting to return. There is always more work to be
done but the reality is that under this government both the economy is doing
way better and the finances are way better. Long may it continue.
that very, very good question.
(1)–(2) As
I have said to this place a range of times now, whether it be business
investment, state final demand, GST or employment, the data under this
government is so fundamentally better than what we inherited just a short 18
months ago. I know it irritates the opposition when I talk about the wonderful
performance or the improving performance of the WA economy under the McGowan
Labor government. I know that irritates my friends on the other side of this
chamber. I was surprised to see—this is the story from, admittedly
Liberals' mainstream media, so cover your ears—what is in the
article titled ''WA economy has turned the corner, says Reserve''.
I want to quote this; it is a very good article from Shane Wright.
It states —
The WA economy is returning to normal
with key signs of improvement in business conditions, the mining sector and
wages, according to the Reserve Bank.
As figures show the Perth property
market in its strongest position in three years, minutes from the Reserve's
latest meeting reveal a substantial discussion about the WA economy.
Good news I would have thought for
everyone in Western Australia other than my friends ''land tax Mike''
and ''dour Dean''. There he was straight away on the social media
platforms of their preference. What did the member for Bateman say —
I interpret things a little different
than the headline.
I think he interprets it along the
lines of, ''Surely we weren't as bad as everyone thinks we were.''
Guess what, member for Bateman? You certainly were.
I think the highlight for me was the
Leader of the Opposition saying —
It's a mixed bag with some
good signs but also confirmation of misery �
Misery? Honestly! Misery loves
company and when I look across the chamber, all I can see is the miserable
Leader of the Opposition and the miserable shadow Treasurer desperately
scanning data trying to find anything that proves the case now that is
undeniable in Western Australia over the last 20 years; that is, WA Labor
improves and grows the economy and fixes the finances and WA Liberals destroy
the economy and ruin the finances. It is undeniable! They are not fake media or
fake facts; that is the reality. I know that drives members opposite utterly
insane. I will go to the Royal Show next week with my daughters. Their
favourite is the house of horrors. I sometimes think I might just stick them in
a trolley and push them through the Liberal Party room. They will be just as
traumatised as had I taken them to the show, and I will save a bucketload of
money!
Not just for the benefit of my
friends on the other side of this chamber, I do not want to rely just on The
West Australian —the paper of record here in Perth. I like to
diversify the things that I read when we look around trying to fix the mess
that was created. I want to quote a very astute piece of writing —
The
main impediment to the debt management strategy will be the political system
itself. Under the existing system, the politicians making up the government
will have the usual strong incentives to avoid anti-deficit actions. Deficit
reduction will be strongly resisted by an army of vested interests. And the
politicians of the opposition parties will accentuate the pain—real or
imagined—without mentioning the gain.
Where do members think that came
from? It was from a very interesting piece titled ''Reform and Recovery:
An Agenda for the New Western Australian Government'' by none other than
Mike Nahan. Who would have thought that the Leader of the Opposition was being
ironic when he wrote that great piece all those years ago? Now he comes in here
seeking to do everything possible to try to increase the deficit and increase
the net debt of the state of Western Australia. I referred yesterday to the
Moody's Investors Service downgrade five years ago yesterday under the
former Liberal government. I recall that wonderful line—''lack
of political will''. When I look on this ironic piece of work written by
the Leader of the Opposition before he entered Parliament and I look at the
positions he takes not just out in public, but also in this chamber, it
highlights a wonderful political epitaph for the Leader of the Opposition—''lack
of political will''. At every turn, I think Western Australians are
seeing economic sunshine starting to return. There is always more work to be
done but the reality is that under this government both the economy is doing
way better and the finances are way better. Long may it continue.
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