State economy
147. Mr Daniel Pastorellito theTreasurer:
I refer to the Cook Labor government's record of responsible economic management.
(1) Can the Treasurer update the house on recent economic developments, including the Reserve Bank’s decision last week to cut interest rates?
(2) Can the Treasurer outline to the house whether she is aware of anyone who is standing in the way of actions to reduce the burden for Western Australian families?
Ms Rita Saffioti replied:
(1)–(2) I thank the member for Landsdale for the question. Of course, we have a strong history of strong financial management and delivering economic growth. As we demonstrated over the past eight years and will continue to demonstrate, we have an ability to manage the finances strongly while continuing to grow the economy. As the Premier just outlined, the diversification of the economy is a core part of our agenda to make sure that we make more things in Western Australia and to continue to create new opportunities for new industries to thrive in this state.
In particular, we very much welcome the recent economic news of the Reserve Bank’s decision last week to cut interest rates. It shows that the inflation rate now is within that target range, and that is good news for Western Australian families. In Western Australia, we have good news about not only interest rates, but also economic data that comes through that shows our household spending and our general economy continue to grow strongly. The CommSec report just recently showed that WA is leading the nation as the best-performing economy. When it comes to retail trade volumes, the recent data for the March quarter shows a strong growth of 6%, which compares very strongly with results for the rest of the nation. Over 340,000 jobs were created in this date range. As we continue to support new investment in this era of global uncertainty, our ability to manage the finances strongly while continuing to grow the economy is fundamental to our future success. This budget will again reflect prudent financial management and an ability to invest in new industries to support economic growth.
Members, this record of delivery, strong financial management and growing the economy compares with what the previous government left us and what it did in eight years. As has been outlined, the previous government came in, made commitments and then broke them, just as it did with the Royal Perth Hospital. They came in again and again making commitments and then breaking them.
More recently, the new member for Nedlands pointed out in the local newspaper, the Post, the Barnett government’s deplorable record with the state’s finances. Not only did it drive the state into recession and break core election commitments, like the MAX light rail, the Ellenbrook rail line and Royal Perth Hospital, but it also nearly sent the state broke. The member for Nedlands said more recently:
… he quit the party in frustration during the last Liberal government of then-premier Colin Barnett.
He said:
The government inherited a full railway to Mandurah and $3.5billion of debt …
And it then left the state with record debt after eight years. This is the Liberal Party's own member describing the financial recklessness of the previous government. This is something we will not copy, as we will continue to manage the finances strongly and deliver record economic growth.
