MID-YEAR BUDGET REVIEW

187 The Hon. R.I. LUCAS (18 February 2009). Can the Deputy Premier advise the explanation for the significant reduction in interest cost in Table 1.2 of the Mid-Year Budget Review of $117 million in 2011-12, when the reduced interest cost for 2010-11 is only $18 million?

The Hon. P. HOLLOWAY (Minister for Mineral Resources Development, Minister for Urban Development and Planning, Minister for Small Business): The Treasurer has provided the following information:

The government's 2008-09 Mid-Year Budget Review introduced measures in response to the Global Financial Crisis that were targeted at operating and investing savings and debt reduction. The pattern of interest savings shown in Table 1.2 of the Mid-Year Budget Review reflects the pattern of debt reduction resulting from the government's measures.

The effect of the government's measures in improving the State's debt position culminates in 2011-12. This is reflected in the significant estimated interest savings of $117 million in 2011-12 shown in Table 1.2.