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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2009-03-26 Daily Xml
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STATE FINANCES

Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (14:20): My question is again to the Treasurer. How much has the Treasurer now borrowed since the 2008-09 state budget, and how much more does he plan to borrow before next year's March election?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:20): How much I have borrowed since the 2008-09 budget?

The Hon. P.F. Conlon: I think he means the government.

The Hon. K.O. FOLEY: The government. I will get these numbers clarified because I am working off the top of my head. The government had eliminated state budget debt as at 30 June 2008. The level of borrowings—are you talking about the general government sector or the non-financial sector, or both, or what?

An honourable member: Both.

The Hon. K.O. FOLEY: Do you know the difference?

Mr Hamilton-Smith: How much have you borrowed?

The Hon. K.O. FOLEY: The general government debt, the budget debt, was eliminated at 30 June. I will get these numbers for the leader but, as I have said, we are running in a deficit, and that deficit will be announced in the June budget. So, clearly, for operational reasons, we will have been borrowing some moneys. As I said, we issued $500 million just the other day, 24 or 48 hours ago, but I will get those numbers for the leader.

The projected state debt I think at the end of the forward estimates is somewhere in the order of $2.2 billion to $2.6 billion, from memory. It is quite modest when compared to other states. However, of course, beyond the forward estimates we are seeing that number ramp up as we see the rollout of the electrification and the various other programs—the hospital, etc. Can I say this: the state has been, and still is, in a very strong financial position. To be in a position—

Ms Chapman interjecting:

The Hon. K.O. FOLEY: Sorry? Vickie the expert. Do you think she set the leader up with the first question? I think you embarrassed the leader quite deliberately with the first question.

Ms Chapman interjecting:

The Hon. K.O. FOLEY: Sorry?

Mrs Redmond: He's trying to think of something else to say that might be useful.

The Hon. K.O. FOLEY: I just said it.

Ms Chapman: You can't remember, can you?

The Hon. K.O. FOLEY: She said I didn't remember $500 million. So, now it is $500 million?

Ms Chapman interjecting:

The Hon. K.O. FOLEY: I just said it. I just said it about a minute ago.

The SPEAKER: Order! The Treasurer has the call.

The Hon. K.O. FOLEY: The deputy leader is saying I hadn't remembered that we had borrowed $500 million. I just said it two minutes ago.

Ms Chapman: I think you should remember it better.

The SPEAKER: Order! The deputy leader.

The Hon. K.O. FOLEY: Sorry? You are a really odd person!

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: Mr Speaker, we have an active borrowing program. The government is often in the marketplace issuing bonds. We have borrowed largely in recent years from domestic bond issuance. We have been able to raise the minimal amounts of money that we need from domestic sources. One of the things I did when we came to office—and that was the second point. I do not know SA Water's borrowing numbers but I will get the numbers for you. We have an agreed framework with SA Water and they borrow and provide advice and seek approval and get approval from Treasury—

Ms Chapman interjecting:

The Hon. K.O. FOLEY: They are not interested.

The SPEAKER: The member for Norwood.

Members interjecting:

The SPEAKER: Order! The member for Norwood has the call.

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