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House of Assembly - Fifty-Fourth Parliament, First Session (54-1)
2019-06-19 Daily Xml
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State Debt

The Hon. S.C. MULLIGHAN (Lee) (14:18): Thank you, sir. My question is to the Premier. Can the Premier advise the house why government debt increases by more than the value of new infrastructure investment and the impact of accounting changes?

The Hon. S.S. MARSHALL (Dunstan—Premier) (14:18): I don't have that detail with me in question time—

Members interjecting:

The SPEAKER: Order!

The Hon. S.S. MARSHALL: I'm sure the Treasurer will be able to provide a comprehensive answer to the member. Estimates is coming up. That's a good time to ask a question like that. We know that debt is increasing. I make the point that it is increasing in virtually every jurisdiction around Australia except for Western Australia. But in virtually—

Mr Malinauskas: It's not double.

The Hon. S.S. MARSHALL: The leader interjects.

The SPEAKER: And he shouldn't.

The Hon. S.S. MARSHALL: Usually, I wouldn't respond, but I would like to just correct what he has stated because he has indicated that other areas haven't doubled. Well, it hasn't doubled in South Australia; in fact, the debt projection between the 2019-20 year and the 2022-23 year is a 57 per cent increase. That actually compares favourably with Victoria, which increases by 94 per cent, and Tasmania, which increases by 139 per cent.

We can continue to go down this line because those opposite believe that they are experts in managing the economy. I would suggest this hasn't been the case. They had 16 years in government. We didn't see boom times in South Australia during those 16 years. In fact, if we need to look at improved circumstances—

Members interjecting:

The SPEAKER: The member for Giles and the member for Elizabeth are called to order.

The Hon. S.S. MARSHALL: —improved circumstances have occurred in South Australia over the last 12 months, not in the previous 16 years of that failed government. I am encouraged when people with real skill and credibility in this area reflect on the increased levels of debt that we have here in South Australia. We know that the Reserve Bank governor has made plenty of statements in recent months regarding the ability of states to increase their borrowings and fund productive infrastructure. We were delighted overnight when—

The Hon. S.C. MULLIGHAN: Point of order: the Premier is quoting from a ministerial statement that he has not received leave to provide to the house.

The SPEAKER: Point of order on the point of order.

The Hon. D.C. van Holst Pellekaan: This is the one you wouldn't give leave for.

The SPEAKER: Yes, if it is a tabled document, I don't believe leave is required, if it's a public paper.

The Hon. A. KOUTSANTONIS: Sir, the document that the Premier tabled was about Tandanya, not about government debt or borrowings.

The SPEAKER: I am just seeking some clarity.

The Hon. J.A.W. GARDNER: Point of order, sir: that makes the member for Lee's point of order bogus.

The SPEAKER: I will listen carefully to what the Premier is quoting and I will decide.

The Hon. S.S. MARSHALL: We were very pleased because one of the good things about getting a reflection on the health of a state's economy and their budget comes from independent ratings agencies, not from those who had their chance in government and failed the people of South Australia. We were very pleased overnight with both what Moody's had to say and what Standard & Poor's had to say about the budget that was brought down yesterday.

I take you back to last year's budget, which was brought down around this time last year. There was an upgrade in the ratings of our state by the major ratings agencies. They took South Australia from the lowest ranked state in Australia—in fact, ranked lower than Tasmania; one of the independent ratings agencies had us ranked below Tasmania and—

Members interjecting:

The SPEAKER: Order!

The Hon. S.S. MARSHALL: —improved us up to the second spot in Australia. Overnight, we had verification, if you like, from the ratings agencies that there would be no change to the ratings that were provided this time—

The Hon. S.C. MULLIGHAN: Point of order: the question was about the reason for debt increases.

The SPEAKER: I have the point of order.

Members interjecting:

The SPEAKER: I ask the level of interjections to reduce; they are coming from the left and the right at the moment. I will listen carefully to the Premier's answer. Has the Premier finished? The Premier has finished his answer.

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