Page 114 - Week 01 - Wednesday, 14 December 2016
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video
It talks about “temporary deficits”. We have certainly had a few temporary deficits. It goes on and on about the need to make sure that we have a balanced budget. That is exactly what I was saying in my motion. The difference is that this is a government that is all rhetoric and does not actually live up to the reality of what its stated fiscal strategy is.
The government say they have a path to surplus, but of course in 2011 that path to surplus was a surplus in 2013. In 2012 it was in 2015. In 2013 it was in 2015. In 2014 it was in 2017. In 2015 it was in 2018. In 2016 it was in 2018. I wonder what it will be next year. What will be the path to surplus, and what will be the excuse for why it has been pushed back another year? There will be another excuse. Who knows what it will be? Surely, the asbestos excuse is running out. Surely, the public service excuse is running out. Surely, 10 years on, the GFC excuse is running out. They are still in the Great Depression excuse. There is another excuse every day, which just goes to show that this stated fiscal strategy in the budget is absolutely worthless. What does it mean when they say this:
The Government has remained committed to a fiscal strategy that achieves a strong operating balance over the medium term, offsetting temporary deficits with surpluses in other periods.
When is that surplus actually coming? It is listed here as being in the strategy. We have “temporary deficits”. We have had quite a few temporary deficits. In actual fact, we have not had a surplus under Treasurer Barr. At some point, with a bit of luck, we might get a “temporary surplus”, but I think it will be a stretch to expect that to come under this Treasurer.
Of course, there is the fact that the Chief Minister is actually contesting the figures contained in the notice paper. He is actually contesting them. He said, “Those figures are contested.” It is interesting that he should contest them, because they are actually in the audited financial statements as published by the government. If he wants to go to the uniform presentation framework, on the first couple of pages of those audited financial statements, he will see where these figures come from. They are not made up. These are real figures in the audited budget statements. So it is all very well—
Mr Barr: But they exclude the superannuation internal adjustment.
MR COE: That is why it is called the uniform presentation framework, so that it can be compared to other jurisdictions.
Mr Barr: Other jurisdictions have different arrangements for their super, and you know that.
MR COE: You can choose to concentrate on the headline, but the truth is that the headline does not include many other things, including, of course, trading enterprises. If you look, Madam Speaker, at the budget statements for Icon, it is all very well to say, “That’s a trading enterprise; it doesn’t count.” No; that is what we are on the hook for. It is all very well for the Chief Minister to pick and choose what figures he
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video