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House of Assembly - Fifty-Second Parliament, Second Session (52-2)
2012-09-04 Daily Xml
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Question Time

OLYMPIC DAM EXPANSION

Mrs REDMOND (Heysen—Leader of the Opposition) (14:37): My question is to the Premier. Will the Premier confirm that there will be $1.1 billion in economic activity forgone in South Australia over the next three years as a result of the Olympic Dam expansion not proceeding? If he will not confirm this, what is the Premier's estimate?

The Hon. J.W. WEATHERILL (Cheltenham—Premier, Minister for State Development) (14:38): I thank the honourable member for her question. Welcome back all members of the house. It is good to see everybody in their appointed positions. If I am not mistaken, I think that figure is drawn from the budget estimates about the numbers I just mentioned in my ministerial statement.

Mrs Redmond interjecting:

The Hon. J.W. WEATHERILL: I think it draws on the same material that found its expression in the budget, the matter I mentioned in the ministerial statement, which is the reduction in our gross state product by something in the order of less than 5 per cent and reduction in employment levels of something in the order of less than a quarter of a per cent. It is true we have a $90 billion economy, so I am sure you can do the mathematics to work out that that is the forecasted lower rate of economic activity. Whether that proves to be the case will depend on the performance of our economy over that period. These are projections based on the budget settings as they were known at the time when the budget occurred. If they are to be revised in any way they will be revised on the next occasion that we consider our budget settings, which is in the Mid-Year Budget Review.

Mrs Redmond interjecting:

The Hon. J.W. WEATHERILL: We have a Mid-Year Budget Review.

The SPEAKER: Order!

The Hon. J.W. WEATHERILL: We do not give a rolling commentary on the things that improve about the economy or the things that become—

The SPEAKER: Order!

The Hon. J.W. WEATHERILL: We do not give a rolling commentary on the things that improve or the things that deteriorate in the economy in terms of the forecast of the budget. They are left to the Mid-Year Budget Review which will be attended to in the ordinary way.

Members interjecting:

The SPEAKER: Order!

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