Page 2640 - Week 08 - Thursday, 14 August 2014
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In the coming fiscal year the account will seek to ensure an appropriate rate of return on financial investments, to raise new territory borrowings as required. I guess on this point it is worth picking up the observation the shadow treasurer made in relation to the use of debt for infrastructure, his apparent reluctance to use debt to fund infrastructure. He said the interest payments—
Mr Smyth interjecting—
MR BARR: You made the observation that the interest payments that the government will be making could be spent on infrastructure. The government is borrowing for infrastructure. If your position is that there can be no further infrastructure delivered in the territory until all debt is paid down, it is a bit rich to criticise the government for borrowing for long-term infrastructure unless there is a new position from those opposite that no debt can ever be incurred for infrastructure purposes, which I do not think even the Canberra Liberals or the shadow treasurer would be advocating—although you never know; when he gets into a bit of a groove on the ideological fervour, he does tend to get a bit carried away on these questions.
Let us be very clear: the ACT has a low level of debt compared to any other Australian jurisdiction, compared to any of the AAA-rated jurisdictions, which we are.
Mr Doszpot interjecting—
MR BARR: We are one of the few AAA-rated jurisdictions with a stable outlook among any government in Australia—or, indeed, post-GFC, any government around the world. We get the snide interjection from Mr Doszpot. Here we are, at five minutes to six on Thursday of the second week of the budget debate, and Mr Doszpot has decided that now it is time to flick the switch to vaudeville and try and entertain his colleagues.
Mr Hanson: What are you doing, then?
MR BARR: I am speaking on the territory banking account line item. If you are in need of a bit of entertainment, Mr Hanson, if you are in need of just a little—
Opposition members interjecting—
MADAM DEPUTY SPEAKER: Members! Mr Barr, will you please stop baiting them. Members on the opposite side, will you just, for the next five minutes, remain silent. Mr Barr.
MR BARR: I think it is worth concluding on the point that through this budget we have indeed made a capital provision for the territory’s future infrastructure needs, and the reports back from the credit rating agencies are that that is an appropriate way for us to approach the balance of this fiscal period. We have established an envelope for infrastructure expenditure that is affordable, that is within the metric of a AAA-rated jurisdiction and that is appropriate for this jurisdiction.
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