Mr ELFERINK - 2010-05-04
I listened very carefully to the Treasurer’s previous answer claiming she is borrowing to support spending to prop up the Northern Territory economy. According to your own budget papers, the Territory economy will grow by 3.6% in 2010-11. Why are you borrowing to prop up an economy which is growing? Will that not have the effect of driving up costs for Territory families even further?
ANSWER
Madam Speaker, that is a classic ‘oh, oh’ from the member for Port Darwin. That is about as ‘oh, oh’ as it gets. If you read the economy book, it will tell you that private sector investment has dropped right away. If you look at any indicator, it has dropped right away. In fact, the reason we are predicting a 0.4% economic growth figure for 2009-10 and a strong rebound to 3.6% into 2010-11 is off the back of public spending.
Mr Elferink interjecting.
Madam SPEAKER: Member for Port Darwin!
Ms LAWRIE: Why would that be occurring? ‘Oh, oh’. Why would that be occurring? Let us think about it. The most significant economic global downturn since World War II occurred – it is called the global financial crisis. It had an impact on the private sector’s ability to (a) get credit, and (b) once the credit market started to ease up – which has started to occur – the price of credit. Every jurisdiction in Australia, Australia as a nation, and in fact, all the developing nations around the world, are increasing their public spend to drive economic growth.
Members interjecting.
Madam SPEAKER: Order! Order! Member for Fong Lim! Member for Port Darwin!
Ms LAWRIE: The economy book explains that - the member for Port Darwin just sits in his own weird fantasy land around what is happening out there. I will put it this way, Madam Speaker, I will keep it pretty simple for them: go out and ask business right now how critically important the spend in the infrastructure in 2009-10 and the one announced in 2010-11 has been to the health of their business, how it has kept people in jobs.
I was at the Chamber of Commerce presentation for Budget 2010-11 and I asked Chris Young from the Chamber of Commence - he is a pretty hard taskmaster when it comes to our government - I said: ‘Chris, what are you going to rate the budget this year?’ ‘Eight out of 10’.
ANSWER
Madam Speaker, that is a classic ‘oh, oh’ from the member for Port Darwin. That is about as ‘oh, oh’ as it gets. If you read the economy book, it will tell you that private sector investment has dropped right away. If you look at any indicator, it has dropped right away. In fact, the reason we are predicting a 0.4% economic growth figure for 2009-10 and a strong rebound to 3.6% into 2010-11 is off the back of public spending.
Mr Elferink interjecting.
Madam SPEAKER: Member for Port Darwin!
Ms LAWRIE: Why would that be occurring? ‘Oh, oh’. Why would that be occurring? Let us think about it. The most significant economic global downturn since World War II occurred – it is called the global financial crisis. It had an impact on the private sector’s ability to (a) get credit, and (b) once the credit market started to ease up – which has started to occur – the price of credit. Every jurisdiction in Australia, Australia as a nation, and in fact, all the developing nations around the world, are increasing their public spend to drive economic growth.
Members interjecting.
Madam SPEAKER: Order! Order! Member for Fong Lim! Member for Port Darwin!
Ms LAWRIE: The economy book explains that - the member for Port Darwin just sits in his own weird fantasy land around what is happening out there. I will put it this way, Madam Speaker, I will keep it pretty simple for them: go out and ask business right now how critically important the spend in the infrastructure in 2009-10 and the one announced in 2010-11 has been to the health of their business, how it has kept people in jobs.
I was at the Chamber of Commerce presentation for Budget 2010-11 and I asked Chris Young from the Chamber of Commence - he is a pretty hard taskmaster when it comes to our government - I said: ‘Chris, what are you going to rate the budget this year?’ ‘Eight out of 10’.
Last updated: 09 Aug 2016