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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2008-10-15 Daily Xml
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STATE BUDGET

Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (14:17): I have a supplementary question. In light of his answer to my previous question, why has the Treasurer been unable to protect South Australia from an economic downturn by building surpluses, over seven years, adequate to avoid cuts to capital works whilst successive federal governments and most other state governments, even state Labor governments, have been able to do exactly that and plan to spend more, not less? You must be the worst treasurer in the country.

The SPEAKER: Order! The Leader of the Opposition has asked his question.

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:18): If he wants to call me the worst treasurer in the country, so be it. I have to make a confession, Mr Speaker—

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: I have to make a confession, sir: I did not see this financial crisis coming—and I am there with Ben Bernanke, the Governor of the Federal Reserve in America, and I am there with the head of the Bank of England, and with Gordon Brown. Nobody in the world foresaw this.

Ms Chapman interjecting:

The SPEAKER: Order! The deputy leader is warned.

The Hon. K.O. FOLEY: The leader has been out there on radio today saying that I should have foreseen what we are now confronting. Had I done that, I would be a very rich man because I would have played the sharemarket and I could well have got out of this job and made myself a very wealthy man.

The Hon. P.F. Conlon interjecting:

The Hon. K.O. FOLEY: Do you know who else did not see it coming, sir? The Leader of the Opposition. His share portfolio is down 15 per cent. If he had seen it coming, do you reckon he would have got out of those stocks and gone into cash? He did not see it coming. So be it. The situation in the world today is one that I did not see coming with the severity that it did. As I have just said, the surpluses we have built up are the largest surpluses this state has probably ever seen. One would have liked them to be larger, but I would have had to argue not just with my parliamentary colleagues and ministers but with members opposite as to why we were running billion dollar surpluses when there was such pressure and need in education, in health and in community safety.

An honourable member interjecting:

The Hon. K.O. FOLEY: And pay the teachers. I do not expect sympathy but I cannot win either way. If the surpluses are too large, quite rightly my own colleagues, as well as members opposite, would argue, 'You are just keeping those surpluses there because you want to; you've got a fetish with surpluses.' We actually have to engage and use our surpluses. I could accept some criticism from members opposite if they ever ran a surplus, but they never once ran a surplus. They had the luxury of selling ETSA and still could not balance the books. Come on!

Until you can reconcile with your shadow minister for education, who is saying we should adopt $2.5 billion of demands, you have no credibility. I ask the Leader of the Opposition a simple question—and I hope the media will follow this up—does he support the call by the shadow minister for education to accept the teachers' ask of $2.5 billion? Yes or no?

Members interjecting:

The Hon. K.O. FOLEY: He doesn't.

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: He doesn't? We have further disagreement. We have all heard the shadow minister for education say, 'Pay the teachers.'

Mr Williams: That is not what he said.

The Hon. K.O. FOLEY: What did he say?

Members interjecting:

The Hon. K.O. FOLEY: Come on! Everyone heard it. The Liberal opposition is severely split down the middle and, until the Leader of the Opposition today resolves whether he supports his shadow minister or not, he has no financial credibility.

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