NET DEBT — 2021–22 STATE BUDGET
717. Hon Dr STEVE THOMAS to the minister representing the
Treasurer:
I
refer to the 2021–22 budget papers, which indicate that total public
sector net debt is expected to drop to $32 billion this financial year
but rise to $35 billion by 2023–24 and $36 billion by 2024–25.
(1) What was the
total public sector net debt when the McGowan government came to power in March
2017?
(2) Is total
public sector net debt budgeted to be higher or lower in 2024–25 than
the level the McGowan government inherited in 2017; and, if so, by how much?
(3) Has the
government therefore paid off debt responsibly, just like a mortgage, as per
its 2017 commitment?
(4) Why has the
Treasurer not paid down debt during the biggest state-based economic boom in
our nation's history, which has given the government $15 billion worth
of surpluses over five financial years?
Hon STEPHEN DAWSON
replied:
It is not even Thursday! I thank
the Leader of the Opposition for some notice of the question. The following
answer has been provided to me by the Treasurer.
(1) Under the previous Liberal–National
government, net debt was budgeted to reach $43.7 billion in 2019–20.
(2) Debt is more
than $11 billion lower in 2021–22 than budgeted under the previous Liberal–National
government, and it will remain lower across the forward estimates.
(3) Yes, for the
third year in a row, net debt is expected to decline in 2021–22. As Hon
Dr Steve Thomas told the Legislative Council on 5 August 2021, net debt —
�has not risen to the point that was
predicted under the previous government � I acknowledge that. Some of that
money has gone into not going into further levels of debt �
(4) Debt is more
than $11 billion lower in 2021–22 than what was budgeted under the
previous government. In stark contrast, the
previous Liberal–National government increased debt from $3.6 billion
when it came to office, to $43.7 billion, with the largest operating and
cash deficits in the state's history.