STATE BUDGET

The Hon. I.F. EVANS (Davenport) (14:57): My question is to the Premier. Why does the Premier call his revenue forecast conservative when the Premier forecasts that stamp duty revenue will grow at 12 per cent a year over the forward estimates, which is double the stamp duty revenue growth rate in the last 10 years?

The Hon. J.W. WEATHERILL (Cheltenham—Premier, Treasurer, Minister for State Development, Minister for the Public Sector, Minister for the Arts) (14:58): In terms of the estimates that we make around stamp duty, if one looks at the historical series in relation to stamp duty, it oscillates very broadly. What we have actually seen in recent times are some of the lowest levels of stamp duty transactions in the historical record and, up until quite recently, we have been in a fairly significant trough.

I can inform the house that the most recent data we have—in fact, data that has emerged since the state budget has been finalised—demonstrates that the estimates we are making are in line with the data that we are actually receiving. That is good news. It fortifies us in the estimates that we have made. But essentially what we are doing is estimating that stamp duty transactions will return to trend. That trend—

Members interjecting:

The Hon. J.W. WEATHERILL: Well, just relax. That trend has actually been falling consistently over a period of time as we have been plugging in new data about the lower levels of transactions, so it is a falling trend. It returns over the forward estimates in relation to our conveyancing transactions to trend, and I am happy to demonstrate that to the honourable member.