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House of Assembly - Fifty-Fourth Parliament, Second Session (54-2)
2020-11-11 Daily Xml
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State Debt

The Hon. S.C. MULLIGHAN (Lee) (14:22): My question is again to the Premier. How many projects have been delivered as a result of the state government increasing debt by more than $10 billion in their first two budgets prior to COVID-19?

The Hon. S.S. MARSHALL (Dunstan—Premier) (14:22): We are very proud of our first two budgets and we are extraordinary proud of our third budget, as we will be of our fourth, fifth and seventh because the people of South Australia want a government which is actually investing in jobs creation in South Australia—absolutely investing.

Let me tell you, now is about the best time to invest in creating jobs in the history of South Australia. We know that our interest rates are at record lows. We have advice now received from Dr Philip Lowe, the Governor of the Reserve Bank of Australia, and also Dr Steven Kennedy, who is the Secretary to the Treasury here in Australia. They have made it very clear that we have an obligation—an obligation—to be preserving jobs here in Australia during this particularly difficult period of time. The Reserve Bank have done their work at reducing interest rates to historically low levels and also signalled—

The Hon. A. KOUTSANTONIS: Point of order.

The SPEAKER: Order! The Premier will resume his seat. The member for West Torrens on a point of order.

The Hon. A. KOUTSANTONIS: Standing order 98, sir: the minister must answer the substance of the question. The question was about how many projects had been delivered as a result of the state government increasing debt by $10 billion in their first two budgets, and the Premier is speaking about the RBA.

The Hon. S.C. Mullighan: And the corona.

The SPEAKER: Order! There's no point of order. I've been listening carefully to the Premier's answer in addressing the question in the context of the first two budgets. The Premier has the call.

The Hon. S.S. MARSHALL: We are very proud of our first two budgets. These were budgets which I think set what we needed to do for South Australia. We fixed up a lot of the mess that we inherited from those opposite. Where they were downgrading services at Modbury Hospital, we have leant in and invested at Modbury Hospital. Where they were closing hospitals, like the Repat hospital, we have been investing in that precinct, creating a fantastic precinct—

Mr Malinauskas interjecting:

The SPEAKER: The leader is warned.

The Hon. S.S. MARSHALL: —a genuine health precinct in the southern suburbs. We have finally got on and delivered the money for the Gawler line electrification, something they promised, took off the table, promised, took off the table and we put it back on the table. And guess what? We are actually delivering it. As I was saying, now is a very good time to be doing that.

When we look at the interest cost, and this is very important, from our increased borrowing, this year it's $134 million lower; next year, $200 million lower. Yes, we are increasing our debt and I know those opposite don't like this. I would like to know what their solution would be to preserve as many jobs as they possibly could in South Australia. We are increasing our debt in South Australia, but it is coming at a much, much reduced cost for the people of this state. It's affordable at the moment but, most importantly, it preserves jobs in a very difficult climate. That's what our budget was all about, creating as many jobs as we possibly could—a great jobs budget.

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