❓ Mr. Nalder questions the Treasurer about the WA economy's fragility and the government's policies. The Treasurer deflects, blaming the previous government and highlighting positive signs and future growth forecasts.
AnsweredQoN 273Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
GOVERNMENT POLICIES
273. Mr D.C. NALDER to the Treasurer:
I refer to the Bankwest Curtin
Economics Centre's ''BCEC Quarterly Economic Commentary''
released today, and the quote by Professor Alan Duncan in which he stated, in
part, �—
� the failure to post a quarter of
positive growth in State Final Demand � over the last four quarters brings into
sharper relief the current fragility of the WA economy.
Given
that economic growth is down, business investment is down, construction work is
down and housing finance commitments are down, at what point will the
government realise that its policies are damaging the Western Australian
economy and take appropriate steps to support Western Australians?
GOVERNMENT POLICIES
273. Mr D.C. NALDER to the Treasurer:
I refer to the Bankwest Curtin
Economics Centre's ''BCEC Quarterly Economic Commentary''
released today, and the quote by Professor Alan Duncan in which he stated, in
part, �—
� the failure to post a quarter of
positive growth in State Final Demand � over the last four quarters brings into
sharper relief the current fragility of the WA economy.
Given
that economic growth is down, business investment is down, construction work is
down and housing finance commitments are down, at what point will the
government realise that its policies are damaging the Western Australian
economy and take appropriate steps to support Western Australians?
AnswerView source ↗
I enjoyed the BCEC report; I had a read
through it earlier today. It also made the point that in the 13 years leading
up to 2013, we did not have one quarter of negative growth—not one. It
was only after the now Leader of the Opposition became Treasurer that we had a big
swag of negative quarters of state final demand growth. Indeed, WA's
only recession on record occurred while the Leader of the Opposition was Treasurer.
The BCEC went on to make the point that what we have seen since the defeat of
the former Liberal —
Mr D.C. Nalder : You've
been in government two years. What are you doing?
Mr B.S. WYATT : I do not know
if the member read it all, but if he had, he would realise that there were
actually some quite encouraging signs around the fundamentals of the WA
economy. Since this government came to power, the reality is that we have seen
a return to growth in the broader economy. As the budgets highlighted in 2017
and 2018, the domestic economy is going to grow, it is going to contract, and
it is going to grow. I suspect that in the 2019–20 financial year we
will see the domestic economy return to growth and the gross state product
return to growth, but I say this: at no point during the time that the Leader
of the Opposition was Treasurer of the state of Western Australia did the
domestic economy expand—at no point. What we do know —
Dr M.D. Nahan : At no point
with you, too.
Mr B.S. WYATT : That is incorrect. In 2017–18
the domestic economy grew. This is the problem we have.
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the Opposition!
Mr B.S. WYATT : The Leader of the Opposition's
failure to pay attention to detail means that he comes in here and says silly
things, time and time again.
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the Opposition!
Mr B.S. WYATT : In 2017–18, the domestic
economy grew. In 2018–19 we knew it was going to contract; the budget
forecast that. That is the reality, but members will see that our upcoming
budget, as with our previous budgets, is focused around ensuring that we
support an economy that, as I have said time and again, is weak but returning
to growth. That is the reality. If the member is going to quote organisations,
the IMF today came out and downgraded global growth again. That is going to
have an impact on the national economy, and Josh Frydenberg, the federal
Treasurer, highlighted that in his budget speech last week, or whenever it was.
These are the realities that we are in, but our budget —
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the Opposition, I have warned
you three times. I call you to order for the first time.
Mr B.S. WYATT : Our budget will continue to support the
economy and grow the areas in which we can have an impact, but I am certainly
not going to take one critique from a Leader of the Opposition who, while he
was Treasurer, did not oversee one quarter of GSP growth.
through it earlier today. It also made the point that in the 13 years leading
up to 2013, we did not have one quarter of negative growth—not one. It
was only after the now Leader of the Opposition became Treasurer that we had a big
swag of negative quarters of state final demand growth. Indeed, WA's
only recession on record occurred while the Leader of the Opposition was Treasurer.
The BCEC went on to make the point that what we have seen since the defeat of
the former Liberal —
Mr D.C. Nalder : You've
been in government two years. What are you doing?
Mr B.S. WYATT : I do not know
if the member read it all, but if he had, he would realise that there were
actually some quite encouraging signs around the fundamentals of the WA
economy. Since this government came to power, the reality is that we have seen
a return to growth in the broader economy. As the budgets highlighted in 2017
and 2018, the domestic economy is going to grow, it is going to contract, and
it is going to grow. I suspect that in the 2019–20 financial year we
will see the domestic economy return to growth and the gross state product
return to growth, but I say this: at no point during the time that the Leader
of the Opposition was Treasurer of the state of Western Australia did the
domestic economy expand—at no point. What we do know —
Dr M.D. Nahan : At no point
with you, too.
Mr B.S. WYATT : That is incorrect. In 2017–18
the domestic economy grew. This is the problem we have.
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the Opposition!
Mr B.S. WYATT : The Leader of the Opposition's
failure to pay attention to detail means that he comes in here and says silly
things, time and time again.
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the Opposition!
Mr B.S. WYATT : In 2017–18, the domestic
economy grew. In 2018–19 we knew it was going to contract; the budget
forecast that. That is the reality, but members will see that our upcoming
budget, as with our previous budgets, is focused around ensuring that we
support an economy that, as I have said time and again, is weak but returning
to growth. That is the reality. If the member is going to quote organisations,
the IMF today came out and downgraded global growth again. That is going to
have an impact on the national economy, and Josh Frydenberg, the federal
Treasurer, highlighted that in his budget speech last week, or whenever it was.
These are the realities that we are in, but our budget —
Dr M.D. Nahan interjected.
The SPEAKER : Leader of the Opposition, I have warned
you three times. I call you to order for the first time.
Mr B.S. WYATT : Our budget will continue to support the
economy and grow the areas in which we can have an impact, but I am certainly
not going to take one critique from a Leader of the Opposition who, while he
was Treasurer, did not oversee one quarter of GSP growth.
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