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House of Assembly - Fifty-Second Parliament, First Session (52-1)
2011-10-19 Daily Xml
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DEBT EXPOSURE

The Hon. I.F. EVANS (Davenport) (15:07): My question is again to the Treasurer. Given the Treasurer's statement to the house in relation to the government's exposure to the US debt crisis that, 'I have no reason to believe we have any specific exposure to what is going on in the US', can the Treasurer advise of the government's investment performance on superannuation, WorkCover and Motor Accident Commission-invested funds since he made the statement on 28 July? Bank SA in its October quarterly outlook stated:

Financial market sentiment deteriorated significantly over the past quarter...The trigger for the marked deterioration in sentiment was a sovereign ratings downgrade of the US by Standard & Poor's.

Since the Treasurer made the statement the All Ordinaries have fallen by 6.4 per cent and the Dow Jones has fallen by 5.4 per cent.

The Hon. J.J. SNELLING (Playford—Treasurer, Minister for Employment, Training and Further Education, Minister for Workers Rehabilitation) (15:08): Unlike Alan Greenspan, I do not think the share market is waiting on the pronouncements of the South Australian Treasurer before they make investment decisions. The member for Davenport seems to overestimate my abilities, but it is simply—

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: —the case that I don't think my pronouncements have an effect upon the world share markets. I'm sorry—but, in terms of the individual results, essentially, for the year end to 30 June this year, the results have been very good across the board—

The Hon. I.F. Evans interjecting:

The Hon. J.J. SNELLING: Since then, of course they have not been performing as well. It is still early days. We are not even halfway through the financial year, but, of course, share markets have been down and the performance of our invested funds reflect that. There is nothing new about that; that is quite obvious. I think the member for Davenport seems to think that my pronouncements can somehow affect the share market, and I think he overestimates my influence.

Members interjecting:

The SPEAKER: Order! The member for Unley.

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