Page 1094 - Week 04 - Tuesday, 8 April 2008
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Here we have the Liberal Party talking the ACT down again, talking the economy down again, in a climate where we have the lowest unemployment; the highest participation rate; a level of population growth above the national average for the first time in 15 years, a population growth of 1.7 per cent, above the national average; the lowest unemployment; the highest participation rate; a level of population growth unheard of since 1993; and a whole range of other economic indicators that are strong and reflect a strong, solid economy that is moderating, that is slowing.
Why is it moderating? Why is it slowing? Why is retail consumption down? Why have the people of the ACT stopped spending at the rate they were spending a year ago? Because of eight consecutive interest rate rises, the legacy of John Howard and Peter Costello and the Liberal Party—the economic mismanagement, the trashing of the economy, the fuelling of inflation! Why would you be surprised that retail expenditure or spending in the ACT is down when the average mortgage has increased by $370 a month, legacy and courtesy of the Liberals? If your mortgage has just been hit to the tune of 370 bucks a month as a result of the mismanagement of the economy by the Liberals, then you probably would spend a little less on your discretionary expenditure. (Time expired.)
MR SPEAKER: A supplementary question from Mr Smyth.
MR SMYTH: Thank you, Mr Speaker. Chief Minister, why are you failing to act in response to the slowing of the ACT economy?
MR STANHOPE: Thank you, Mr Speaker. The ACT government is not failing to act.
Mr Smyth: Oh! What is it doing, then?
MR STANHOPE: We have acted well and strongly over the last six years in government. We have not done what the Liberals did in government. We did not actually produce five consecutive deficits—
Mr Smyth: What are you doing now?
MR STANHOPE: to a cumulative total of $800 million. Never forget this. Here we have got the Liberal Party in this place standing up and talking about driving an ACT economy. They had, what, four consecutive deficits! Go back and look at the papers, look at the record, look at the history—
Mr Smyth interjecting—
MR STANHOPE: Liberal Party deficit; Liberal Party deficit; Liberal Party deficit; Liberal Party deficit—to the tune of $800 million in four years.
Mr Smyth interjecting—
MR STANHOPE: It is probably a national record—$800 million of accumulated deficits over four years is Brendan Smyth’s record in government. The now shadow
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