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House of Assembly - Fifty-Second Parliament, First Session (52-1)
2011-11-22 Daily Xml
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CREDIT RATING

The Hon. I.F. EVANS (Davenport) (14:55): My question is to the Treasurer. Was former treasurer Foley right when he said that the loss of the state's AAA credit rating would 'send our state spiralling down into an abyss of debt'?

The Hon. J.J. SNELLING (Playford—Treasurer, Minister for Workers Rehabilitation, Minister for Defence Industries, Minister for Veterans' Affairs) (14:56): The fact is, Madam Speaker, that economic conditions have changed considerably since—

Members interjecting:

The SPEAKER: Order!

Members interjecting:

The SPEAKER: Order! Treasurer.

The Hon. J.J. SNELLING: The simple fact is, as I was saying, economic conditions have changed considerably since the former treasurer Foley—

Mr Marshall: Rubbish!

The Hon. J.J. SNELLING: 'Rubbish,' says the member for Norwood. The member for Norwood is such an expert on world economy and world economic events. Goodness me!

Mr Marshall interjecting:

The SPEAKER: Member for Norwood, behave. You are on a warning.

The Hon. J.J. SNELLING: We are in a world where the United States of America, the largest economy in the world, has itself been downgraded to AA+; there are but—

Members interjecting:

The SPEAKER: Order!

Members interjecting:

The SPEAKER: Order! The minister will sit down until we get some quiet. The member for Norwood and the member for MacKillop, you are very vocal and loud today and you are both on warnings. You are on your second warning, Norwood. You are on your first, MacKillop. Treasurer.

The Hon. J.J. SNELLING: There are but a handful of national jurisdictions that have a AAA credit rating. There is considerable speculation that France may be downgraded to AA+, and, indeed, it is highly unusual for a subnational jurisdiction like South Australia to have a AAA credit rating. I have said practically from the very moment that I took office as treasurer that retaining the AAA credit rating in the current economic environment would be extraordinarily difficult.

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