Concetta Fierravanti-Wells (NSW, Liberal Party) Share this | Hansard source

and over the next four years will borrow a total of $50 billion. While the federal government has eliminated net debt and is placing money in the Future Fund, the Labor states are out there running up debts of $50 billion. The borrowing binge is being led by New South Wales, which will borrow $6 billion this year; Queensland, which will borrow $4 billion; and Victoria, which will borrow $2 billion.

The question for the federal Labor Party is whether they support this borrowing binge by their ALP mates in the states. Do Labor senators opposite support the substantial cash and fiscal deficits being run by the states? Is this an example of sound financial management? If not, why doesn’t Labor condemn the deficits and heavy borrowings being undertaken by state Labor governments? For example, do Labor senators support the financial management of former Premier Carr and current Premier Iemma and of ministers Michael Costa, Frank Sartor and Joe Tripodi in New South Wales? New South Wales have doubled their general government sector net debt since the last election and on their own figures will double it again by the time of the election. This year the New South Wales government will run a $2.4 billion fiscal deficit and a $3 billion cash deficit.