Wednesday, 30 October 2024

Economic policy

Jess WILSON (Kew) (14:47): My question is to the Premier. Ahead of the last election, Labor promised to fund their commitments without ‘increasing net debt’. Net debt has increased in the last two budgets. How much interest are Victorians now paying on that debt per day?

Jacinta ALLAN (Bendigo East – Premier) (14:48): I was asked a question in regard to the fiscal position of the state insofar as it relates to the debt position. The member referred to the position – I assume she was referring to November 2022 – when the government was elected in significant number following that election result. What has also happened over that period of time –

Jess Wilson: On a point of order, Speaker, on relevance, it was a very simple question.

The SPEAKER: The member for Kew referred to the last election. The Premier has only had 30 seconds, and she is referring to the last election.

Jacinta ALLAN: Of course over a period of time things do not stand still. I know that might be a shock to those opposite, but things do not –

Members interjecting.

The SPEAKER: Order! Would members on my left like to hear the answer? Yes? Then please stop interjecting.

Jacinta ALLAN: Over the period of time since that election there have been – I am sure the member for Kew will be delighted to correct it – something like 13 successive interest rate rises. We all know, whether it is your own personal –

Members interjecting.

Jacinta ALLAN: This is an important point because governments need to make sure that they retain the tools and the ability to make decisions depending on the circumstances of the day. When you have a mechanism in place – for example, just to pick one example, if you were to have in place, say, an American-style debt cap –

Members interjecting.

The SPEAKER: The member for Bulleen can leave the chamber for half an hour.

Member for Bulleen withdrew from chamber.

James Newbury: On a point of order, Speaker, the Premier is required to be direct. This question simply asked how much interest Victorians are paying. The Premier should know the answer to that question.

The SPEAKER: Order! I ask for no commentary. The Premier to come back to the question.

Jacinta ALLAN: This is an important point because there are always going to be different propositions put to the Victorian community. There is a proposition that has been put to the community today that we –

John Pesutto: On a point of order, Speaker, what is the point of question time if, when we simply ask how much interest –

The SPEAKER: What is your point of order?

John Pesutto: What is the point of question time –

The SPEAKER: What is your point of order?

John Pesutto: On relevance. You do allow the manager of government business a wide berth.

The SPEAKER: Order! What is your point of order?

John Pesutto: What point is there to question time if, when we simply ask how much –

The SPEAKER: Are you raising a point of order?

John Pesutto: Do not worry; I will not proceed. I am not going to be given a chance to raise it.

The SPEAKER: Points of order are to be direct and succinct. They are not an opportunity to make a statement to the house, nor to question rulings from the Chair. If your point of order is on relevance, then I ask you to state that it is on relevance without additional commentary. On relevance?

John Pesutto: On relevance, Speaker, the question was simply about how much interest per day. We cannot make it any simpler.

The SPEAKER: I understand the question was very direct. I have asked the Premier to come back to answering the question. I cannot tell the Premier how to answer the question.

Jacinta ALLAN: I remind the house and the Leader of the Opposition that I was asked a question about commitments made at the last election insofar as they relate to debt and the fiscal strategy. I was being entirely relevant to that question, and in answering that question I was indicating –

Members interjecting.

The SPEAKER: The member for Eildon can leave the chamber for half an hour.

Member for Eildon withdrew from chamber.

Jacinta ALLAN: I was indicating to the house that of course different governments will make choices, and there has been a proposition put to the Victorian community today that there should be an American-style debt ceiling put in place.

James Newbury: On a point of order, Speaker, on relevance, we are 2½ minutes in and the Premier has not answered the very simple question ‘How much interest are Victorians paying?’. The Premier should know.

The SPEAKER: A point of order is not an opportunity to repeat the question. I am very aware of the question.

Mary-Anne Thomas: On the point of order, Speaker, the Premier has been relentlessly interrupted by those on the other side during question time to the point of bullying.

The SPEAKER: What is your point of order? I ask you to state your point of order.

Mary-Anne Thomas: I ask that you direct those on the other side to show some respect.

The SPEAKER: That is not a point of order. However, members have been so disrespectful to each other today. It is really disappointing. I have said the Premier needs to come back to answering the question. I cannot direct the Premier how to answer the question.

Jacinta ALLAN: I would have thought the opposition would have welcomed some discussion about some announcements they made today. Clearly they do not want to, because they know that an American-style debt ceiling means cuts to the Victorian community.

James Newbury: On a point of order, Speaker, you have asked the Premier to come to the question three times. Three times you have asked the Premier to come to the question. I would say that the Premier is defying your ruling.

The SPEAKER: I cannot tell the Premier how to answer the question. The Premier has concluded her answer.

Jess WILSON (Kew) (14:54): Future generations of Victorians have been burdened with $187.8 billion of Labor debt. Given that the Premier failed to answer the previous question, how much interest are Victorians now paying on that debt today?

Members interjecting.

The SPEAKER: Order! Minister for Transport Infrastructure, you will have to leave the chamber for half an hour.

Minister for Transport Infrastructure withdrew from chamber.

Jacinta ALLAN (Bendigo East – Premier) (14:55): I remind the Shadow Minister for Finance that the budget papers provide all of this information for her attention. I also will take up the reference to ‍–

James Newbury: On a point of order, Speaker, the question related to the interest payment today, not in May.

Members interjecting.

The SPEAKER: Order! Member for Kew, you have asked your question. The Premier has only just started. She has had 15 seconds. The Premier to come back to the question.

Jacinta ALLAN: In answering the question, the question went to, as referenced by the member, future generations being burdened with debt. Do you know what the debt is paying for right now? It is paying for investments in the productive transport infrastructure that is going to benefit future generations.

James Newbury: On a point of order, Speaker, the Premier is debating the question and is now on two questions and fails to be able to answer them.

The SPEAKER: If that was on relevance, the Premier was being relevant in relation to the burden for future generations that was mentioned at the start of the question. The Premier to come back to the question.

Jacinta ALLAN: I appreciate the repeat pattern of behaviour from the opposition. They do not like it when you present them with facts and evidence in response to their questions. The investments we are making in productive infrastructure are going to benefit future generations, just like investments, for example, in the city loop are benefiting us right now.

Members interjecting.

The SPEAKER: The member for Kew can leave the chamber for half an hour.

Member for Kew withdrew from chamber.