❓ Mr Nalder questions the Premier on falling property prices in WA, attributing it to government policies. The Premier deflects blame, citing previous government's performance and advocating for broader economic improvement over direct subsidies.
AnsweredQoN 1017Legislative Assembly
QuestionView source ↗
STATE ECONOMY — PROPERTY PRICES
1017. Mr D.C. NALDER to the Premier:
I
refer to the cut to the first home owner grant boost, the foreign investor
surcharge and the $700 a year cost-of-living increases, with $500 a year
increases further planned. Can the Premier confirm that under his policies Western
Australia has now suffered the longest period of falling property prices of any
jurisdiction in the nation since World War II, as indicated by Westpac?
1017. Mr D.C. NALDER to the Premier:
I
refer to the cut to the first home owner grant boost, the foreign investor
surcharge and the $700 a year cost-of-living increases, with $500 a year
increases further planned. Can the Premier confirm that under his policies Western
Australia has now suffered the longest period of falling property prices of any
jurisdiction in the nation since World War II, as indicated by Westpac?
AnswerView source ↗
As everyone understands, there has
been an issue relating to the property industry for a considerable time. I quote
another doctor on this matter: ''House prices haven't done
anything but bump along downward for 10 years—we have reasonable house
prices.''
Dr M.D. Nahan interjected.
Mr M. McGOWAN : I would like
to thank the Leader of the Opposition for his comment. He made that comment in
his speech to the Urban Development Institute of Australia on 16 November.
House prices have been going down for 10 years. We have been in office for 18 months.
House prices were going down for eight and a half years prior to that, when the
Liberal Party was in office. That is what has occurred.
It is interesting that the shadow
Treasurer, who was a banker before he came into this place, is advocating
somehow that the government should use taxpayers' money to subsidise
and pump up the industry. That is what he is saying. The Liberal Party's
plan is that taxpayers should subsidise the industry in order to bring forward
demand. Our view is that we improve the state's economy, we get
projects back, we get strength and confidence back in the economy and the
housing market will follow. I have a view about the economy: it needs to be
strongly run and strongly managed, and that is what this government is doing.
Mr A. Krsticevic interjected.
The SPEAKER : Member for
Carine.
Mr M. McGOWAN : The opposition's
view is that there should be more taxpayer subsidies.
Mr D.C. Nalder : I didn't
say that.
Mr M. McGOWAN : That is what
the member for Bateman said.
Fortunately, the Treasurer has given
me a quote that appeared in The West Australian today. I am going to
trust him on this.
Mr B.S. Wyatt : Explain market
economics.
Mr M. McGOWAN : I will explain
market economics. It is from the Housing Industry Forecasting Group. Chairman
Steven Rowley said —
''The economy is strengthening
�
''There is plenty of indication
the economy is getting better but it's not getting through yet into the
housing market.
''Population growth is
expected to pick up (and) population growth is closely linked to housing market
movements but there is an awful lot of stock out there.
�
''When the economy does
recover, population growth increases, that existing stock gets absorbed and
because there's no new stock that has come on to the market you start
getting a shortage �
''Prices start to rise, there's
a shortage in the rental market and we get back to —
I do not know about this quote! It
continues —
the affordability problems we had in
the past.''
I will leave that one! Thanks for
that, Treasurer. Our view is that we will create a stronger economy, and
obviously the housing industry will follow.
been an issue relating to the property industry for a considerable time. I quote
another doctor on this matter: ''House prices haven't done
anything but bump along downward for 10 years—we have reasonable house
prices.''
Dr M.D. Nahan interjected.
Mr M. McGOWAN : I would like
to thank the Leader of the Opposition for his comment. He made that comment in
his speech to the Urban Development Institute of Australia on 16 November.
House prices have been going down for 10 years. We have been in office for 18 months.
House prices were going down for eight and a half years prior to that, when the
Liberal Party was in office. That is what has occurred.
It is interesting that the shadow
Treasurer, who was a banker before he came into this place, is advocating
somehow that the government should use taxpayers' money to subsidise
and pump up the industry. That is what he is saying. The Liberal Party's
plan is that taxpayers should subsidise the industry in order to bring forward
demand. Our view is that we improve the state's economy, we get
projects back, we get strength and confidence back in the economy and the
housing market will follow. I have a view about the economy: it needs to be
strongly run and strongly managed, and that is what this government is doing.
Mr A. Krsticevic interjected.
The SPEAKER : Member for
Carine.
Mr M. McGOWAN : The opposition's
view is that there should be more taxpayer subsidies.
Mr D.C. Nalder : I didn't
say that.
Mr M. McGOWAN : That is what
the member for Bateman said.
Fortunately, the Treasurer has given
me a quote that appeared in The West Australian today. I am going to
trust him on this.
Mr B.S. Wyatt : Explain market
economics.
Mr M. McGOWAN : I will explain
market economics. It is from the Housing Industry Forecasting Group. Chairman
Steven Rowley said —
''The economy is strengthening
�
''There is plenty of indication
the economy is getting better but it's not getting through yet into the
housing market.
''Population growth is
expected to pick up (and) population growth is closely linked to housing market
movements but there is an awful lot of stock out there.
�
''When the economy does
recover, population growth increases, that existing stock gets absorbed and
because there's no new stock that has come on to the market you start
getting a shortage �
''Prices start to rise, there's
a shortage in the rental market and we get back to —
I do not know about this quote! It
continues —
the affordability problems we had in
the past.''
I will leave that one! Thanks for
that, Treasurer. Our view is that we will create a stronger economy, and
obviously the housing industry will follow.
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