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House of Assembly - Fifty-Second Parliament, Second Session (52-2)
2013-11-28 Daily Xml
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JOBS GROWTH FORECAST

The Hon. R.B. SUCH (Fisher) (14:49): Thank you, sir. It's good to know that we still exist up here. Can the Premier confirm that the current state debt is equivalent to approximately 10 per cent of gross state product, compared to 70 per cent when Sir Thomas Playford was the premier?

The Hon. J.W. WEATHERILL (Cheltenham—Premier, Treasurer, Minister for State Development, Minister for the Public Sector, Minister for the Arts) (14:49): I think it is a little less than that; it is about six times less than the amount of debt as a proportion of gross state product than it was in the Playford era. That puts the whole question of debt into some perspective in this public debate.

Indeed, I think the Chair of the Economic Development Board, when he was making some public comments recently, said to the South Australian community that it was his belief that the level of state debt should indeed double. He believed that there was greater capacity for us to expand our debt to invest in the infrastructure needs of our economy. That is a perspective from the business community about what they think is the imperative for the future growth of this state.

There are people in this state, Mr Speaker, who actually believe in its future; they believe in investing in its future, just as Sir Thomas Playford believed in investing in our future. What we have on the other side of the house at the moment are, I must say, a shadow of former Liberal leaders—ones that are actually signed up, bought and sold—

Members interjecting:

The Hon. J.W. WEATHERILL: —bought and sold by the economic rationalists who tell them that they want to have the lowest level of investment in this economy—

Mrs REDMOND: Point of order, Mr Speaker.

The SPEAKER: The member for Heysen.

Mrs REDMOND: At the risk of incurring your wrath again, sir, I would have to suggest that the Premier's comments have strayed once again into debate.

The SPEAKER: Yes, I uphold the point of order.

The Hon. J.W. WEATHERILL: Thank you, Mr Speaker. To return to the substance of question that has been asked by the member Fisher, I think he raises a very important point; he puts the question of the size of our present state government debt in the context of historical debt. The truth is, in international terms—in historical terms—the level of debt in South Australia is small; it is small, and we have prudently invested in the future of our economy.

I think we are beginning to see, with the numbers that we are seeing now in private capital investment, the wisdom of us maintaining our investment in the future of this state, because that is how you build a stronger South Australia: you invest in it. The future belongs to those people who are prepared to actually imagine a bigger and better future for South Australia, not those that want to sit in the corner and actually shrink from the future and make people scared of the future, but people that want to grasp it and imagine a better South Australia.

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