❓ Shadow Treasurer questions rising state debt and potential cuts to health capital works. Treasurer acknowledges debt increase, defends government's review of capital works, and attacks opposition's inconsistent stance on debt.
AnsweredQoN 238Legislative Assembly
QuestionView source ↗
STATE DEBT AND REFINANCING
I refer to the midyear review forecast of $16.7 billion of state debt, the additional issue of refinancing existing state debt and to the memorandum on state borrowing prepared by the Under Treasurer that states that WA Treasury Corporation faces the prospect of having to refinance up to $4.7 billion in short-term debt between 4 March 2009 and 30 June 2009. (1) Is it not true that state debt will be even higher than stated in the midyear review? (2) What are the risks that the state will simply fail to raise sufficient funds to meet its immediate refinancing and ultimate debt needs? (3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL
I refer to the midyear review forecast of $16.7 billion of state debt, the additional issue of refinancing existing state debt and to the memorandum on state borrowing prepared by the Under Treasurer that states that WA Treasury Corporation faces the prospect of having to refinance up to $4.7 billion in short-term debt between 4 March 2009 and 30 June 2009. (1) Is it not true that state debt will be even higher than stated in the midyear review? (2) What are the risks that the state will simply fail to raise sufficient funds to meet its immediate refinancing and ultimate debt needs? (3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL
AnswerView source ↗
I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(1) Is it not true that state debt will be even higher than stated in the midyear review? (2) What are the risks that the state will simply fail to raise sufficient funds to meet its immediate refinancing and ultimate debt needs? (3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(2) What are the risks that the state will simply fail to raise sufficient funds to meet its immediate refinancing and ultimate debt needs? (3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(1) Is it not true that state debt will be even higher than stated in the midyear review? (2) What are the risks that the state will simply fail to raise sufficient funds to meet its immediate refinancing and ultimate debt needs? (3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(2) What are the risks that the state will simply fail to raise sufficient funds to meet its immediate refinancing and ultimate debt needs? (3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(3) Does the Treasurer have a long-term strategy to limit the government’s debt requirements in the event that the government is unable to raise the required funds? (4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(4) Is it not the case that part of the Treasurer’s strategy is to cut health capital works and that the director general of health has already prepared a hit list of projects to be axed? Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL replied: I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
I thank the shadow Treasurer for those questions. (1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(1) Yes, there is a probability—in fact a strong likelihood—that state debt will increase over and above the levels indicated in the midyear review. Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : In each year of the forecasts? Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : I imagine so, yes. (2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
(2)-(4) I will deal with the questions in a different order. The capital works program in health is subject to review, as is the capital works program right across government for all projects over $20 million that were not at tender at the time we announced the capital works. That has been on the public record for quite some time. It is not a new revelation in the public arena. A range of projects are under review right across government because we face a significant challenge with the aggregate size of the capital works spend and our need to militate against debt increases at a time when the state will clearly be going into deficit. It is one of the factors that we have to manage. As for the risks of not obtaining funds, as I promised yesterday, I provided the member with the document from WA Treasury Corporation and the briefing will be provided next week. My advice from WA Treasury Corporation is that those risks are not significant—the member can broach that with the Treasury Corporation in the briefing—although there are some major changes with our being forced into the short end of the debt market, paying, effectively, a premium over what we would have paid prior to the introduction of the federal deposit guarantee scheme. People have alternative views on the issue of debt and the question of whether we should spend now to assist the economy or we should be reining in the rate of growth of spending and not entering into debt. My view is that the state will go into increased debt. I am always interested to understand the approach of the opposition to debt in Western Australia. Effectively, what the member is putting is the argument that we should avoid going into debt. He has put the argument a couple of times. He put the argument on 18 December on 6PR. Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : No. Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : I will read to him what he said. If he wants to deny that he said it, he can stand up and say it. He said that the government was going to have to borrow money and that was not good for any Western Australian regardless of where they live because we were all going to have to pay it off over future generations. That is what he said on 18 December. He said on 18 March that we had to battle to stop rising debt. That is an interesting message. I am always interested who on the opposition benches controls the Labor Party economic policy. Is it the shadow Treasurer or the real shadow Treasurer? Is it the person who faces relevance deprivation syndrome—the Leader of the Opposition? He said on 18 February that it made sense to be increasing borrowings now to prop up the economy. He said not to wait another four years but borrow now and send debt up. Who do we believe on that side of the house? Do we support a strategy that sends debt up in the short term or do we support the shadow Treasurer’s strategy of no debt? I do not know. I am struggling to get my head around where Labor’s position is. Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Several members interjected. The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
The SPEAKER : Order! Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : Our position is that we will continue in a responsible manner — Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : Grow up and say something sensible! Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : Say something sensible? Does the member support an increase in debt or not? Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr B.S. Wyatt : I have no problem with debt. The question is the limit of debt. Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
Mr T.R. BUSWELL : He did not say that when he was interviewed on radio. He said that debt was bad because future generations will pay. He should get his house in order before he comes into this place and asks questions like that.
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