STATE FINANCES

The Hon. I.F. EVANS (Davenport) (14:48): My question is to the Treasurer. Following the downgrade of South Australia's AAA credit rating to a negative outlook, will the Treasurer rule out putting further pressure on household and business costs by introducing new taxes, fees or levies or indeed increasing existing taxes, fees or levies above the budgeted rates?

The Hon. J.J. SNELLING (Playford—Treasurer, Minister for Employment, Training and Further Education, Minister for Workers Rehabilitation) (14:49): Finally, a question on this issue. We have gone almost to the end of the second question time and, finally, I get a question about Standard & Poor's announcement on Friday. Can I make it quite clear that, contrary to what the member for Davenport has been saying, and indeed what he has just said, South Australia has had its AAA credit rating reaffirmed, not downgraded as the member for Davenport repeatedly says.

Our AAA credit rating has been reaffirmed, and to quote Standard & Poor's the reason why our AAA credit rating has been reaffirmed is because of our demonstrated fiscal discipline—demonstrated fiscal discipline. So, I am very, very proud that South Australia has been able to retain the AAA credit rating, particularly in a very difficult economic environment; an economic environment which has seen the largest economy in the world, the United States of America, for the first time in its history, downgraded from AAA to AA+.

Any sub-national jurisdiction which is able maintain a AAA credit rating in those sorts of circumstances is doing extremely well, and it demonstrates, as Standard & Poor's says, the government's demonstrated fiscal discipline. I will continue that proud record that we have as a government of fiscal discipline.

Members interjecting:

The SPEAKER: Order! Member for Davenport.